PHOTOS: LAGOS GOVT, BMOs COLLABORATE ON SURVIVING ECONOMIC CHALLENGES
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In a significant step to encourage local production and strengthen the economy, the Lagos State Government has assured businesses operating in the state of its continuous commitment to providing platforms to navigate the current economic challenges confronting the state and nation.
The Commissioner for Commerce, Cooperatives, Trade & Investment, MCCTI, Mrs. Folashade Ambrose-Medebem, gave the assurance at a meeting with leaders and representatives of Business Membership Organisations (BMOs) held recently at the State Secretariat, Alausa, Ikeja.
Speaking further at the event, Ambrose-Medebem stated that the meeting was borne out of the necessity to feel the plight of businesses and to put heads together to generate solutions to tackle the current global economic challenges.
She said, “Together, we need to discuss what we can do to promote economic diversification among indigenous small businesses by focusing more on achieving hundred percent local content in production and growing the foreign exchange earnings of our nation as we strengthen our currency.
“This season calls for the need to diversify our economy through networking, collaborations and value addition more than ever before. Businesses must adapt to various economic variables, as they must build internal mechanisms to face economic challenges while leveraging Government support programmes for survival and prosperity.
Enumerating the contributions of the MSMEs at a meeting that was attended physically and virtually by MSMEs from various sectors, the Commissioner averred that concerted efforts have been made to resolve various issues confronting businesses in the state, and the government is still working on others in line with the T.H.E.M.E.S. Plus Development Agenda of the Sanwo-Olu’s administration.
His words are, “We have continued to improve the state’s security architecture to deal with various security challenges and protect lives and property, formulate enterprise-friendly policies and develop infrastructure that will collectively foster a positive business environment. These would enhance the competitiveness of the creative and productive private enterprises as well as sustain an innovation-driven economy.
“We will also sustain the organisation of Lagos MSMEs Exclusive Trade Fair, support for members of various BMOs to stage their fairs, provide increased market access, capacity building, soft loans through Lagos State Employment Trust Fund (LSETF) and other support mechanisms that will assist MSMEs to survive these turbulent times”.
Also, Permanent Secretary, MCCTI, Dr. Olugbemiga Aina, charged the MSMEs to be creative in terms of the production and marketing of their goods and services. He further expressed gratitude to all attendees for their role in shaping policy direction for the economic prosperity of Lagos State and Nigeria at large and tasked them to continue the support and collaboration to overcome the economic challenges and ensure a thriving business environment in Lagos State.
Furthermore, the Director-General of the Lagos Chamber of Commerce & Industry (LCCI), Dr. Chinyere Almona, called for stronger government support for businesses to rescue them from dying as the economic challenges have taken a huge toll on many. She further reiterated the need for financial intervention to cushion the impact of the falling exchange rate on businesses.
However, the National Vice President, Nigerian Association of Small-Scale Industrialists (NASSI), Mr. Kuti George, commended the state government for coming up with such an initiative and reiterated the need for the state to consider the provision of captive power plants to ease the burden associated with the cost of energy for MSMEs.
He also suggested the need to deploy digital marketing technology to expand market access for MSMEs.
Chairman, Association of Small Business Owners of Nigeria (ASBON), Lagos State Chapter, Dr. Femi Egbesola, stressed the need to strengthen the Business Membership Organisations (BMOs) so that they can become virile platforms for effectively galvanizing support and empowerment for MSMEs.
Also speaking, Chairman, NASSI, Lagos State Chapter, Mrs. Gertrude Aikhimien, also commended Governor Sanwo-Olu for coming up with the special hub where foodstuffs can be purchased at a rebate and canvassed the same for MSMEs to increase their sales and earnings.
Chairman, Suco Industries, Chief Duro Kuteyi, affirmed that MSMEs in the state are looking up to the state government to provide financial support to shore up their operational capital, already eroded by the fall in the value of the national currency.
The meeting, however, was concluded with the resolution to convene the same quarterly to review the issues and the extent to which they have been resolved to the benefit of MSMEs.
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