COMMISSIONER TASKS SMALL BUSINESSES ON COLLABORATIVE INITIATIVES
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Lagos State Commissioner for Commerce, Cooperatives, Trade & Investment (MCCTI), Mrs. Folashade Ambrose-Medebem has tasked Micro, Small & Medium Enterprises (MSMEs) to explore collaborative efforts to access opportunities beyond their abilities and capacities.
The Commissioner gave the charge recently at this year’s edition of the Nigeria National SME Business Awards organised by the Association of Small Business Owners (ASBON), in collaboration with the Ministry at Victoria Island, Lagos with the theme: “Collaborative Initiatives: Strengthening the Network for MSMEs”.
In her keynote address delivered by the Permanent Secretary of MCCTI, Dr, Olugbemiga Aina, the Commissioner stated that collaborative initiatives serve as a powerful catalyst for strengthening the network for MSMEs by fostering interconnectedness and synergy among businesses, sharing facilities, enabling them to pool resources, expertise, market knowledge and support system that will strengthen their collective capabilities.
Her words: “Collaborative initiatives help MSMEs mitigate various risks and challenges by building resilient networks and fostering trust-based relationships. By working together, MSMEs can increase their voices and influence policymakers, leading to policy reforms promoting entrepreneurship, innovation and sustainable growth.
“By exchanging best practices, insights and experiences, MSMEs can enhance their skills, improve operational efficiency, and stay abreast of industry trends. This collective learning fosters innovation and creativity, enabling MSMEs to develop new products, services, and business models that meet evolving market demands”, she added.
According to her, the Lagos State Government, under the visionary leadership of Governor Babajide Sanwo-Olu recognises the immense potential embedded within the MSME sub-sector and has continually championed policies and initiatives aimed at providing a conducive environment for MSMEs to thrive as outlined in the Fourth Pillar of the T.H.E.M.E.S Plus Development Agenda, which is Making Lagos A 21st Century Economy.
“I must inform you that through strategic partnerships and collaborative initiatives, Lagos State is addressing some of the key challenges facing MSMEs, noting that the interventions have led to increased access to finance through single-digit interest rate, improved access to market, better business linkages, capacity building through various training programmes and many others, all of which are helping MSMEs navigate and survive the current economic challenges”, she said.
The Commissioner also noted that the “SME Most Friendly Governor of the Year 2024 Award” and “SME Most Supportive State Ministry of the Year 2024 Award” conferred on Governor Babajide Sanwo-Olu and the Ministry of Commerce, Cooperatives, Trade & Investment respectively, underscores the relentless commitment of Mr. Governor’s administration towards fostering an environment where entrepreneurship thrives, innovation flourishes, and economic empowerment becomes a reality for our people.
The Chairman of the occasion, Otunba Bimbo Ashiru described MSMEs as the backbone of the economy. He enjoined financial institutions to prioritise support for the sector to grow the economy, saying there are resources in Nigeria.
“I will also advise that MSMEs should leverage technology for growth and explore collaboration with each other to share experience and inputs to reduce the cost of production. Governments at the subnational level stand to gain a lot from the development of the MSME sector and all stakeholders must walk the talk and ensure effective follow-up to move the sector forward. The future belongs to MSMEs but we have to empower them today”, he said.
President, Association of Small Business Owners of Nigeria (ASBON), Dr. Femi Egbesola stated that the Association, established to support MSMEs, has grown to 40,000 members spread across 36 States and the Federal Capital Territory, noting that the programme was to recognise and celebrate outstanding MSME enablers and supporters in Nigeria business eco-space.
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