LAGOS WILL POSITION MSMES TO MEET AFCFTA GOALS – SANWO-OLU SAYS
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On Tuesday, Mr. Babajide Sanwo-Olu, the governor of Lagos State, stated that his administration is dedicated to setting up Micro, Small, and Medium-Sized Enterprises (MSMEs) to benefit from the Africa Continental Free Trade Area (AfCFTA) by giving them access to a platform and the skills necessary to increase the efficiency of promoting intra-African trade.
He urged Nigerians, especially small- and medium-sized company owners, to take advantage of the numerous chances presented by the country’s current problems in order to expand their companies, become financially independent, and raise GDP (gross domestic product).
In order to draw in more investors and steer clear of false tales that can damage Nigeria’s reputation abroad, the governor also advised Nigerians to portray their country favourably, especially on social media.
The Eighth Lagos State MSMEs Exclusive Trade Fair, with the subject “Empowering MSMEs for AfCfTA Excellence through Sustainable Economic Growth,” was opened by Governor Sanwo-Olu on Tuesday in Ikoyi, Lagos.
The expo, which is scheduled to conclude on Saturday, is intended to serve as a yearly platform for marketing access and intervention for MSME operators in Lagos, Nigeria, to exhibit their goods and services to the general public in the state.
Speaking at the occasion, Governor Sanwo-Olu—represented by his deputy, Dr. Obafemi Hamzat—stated that there are plenty of chances in Lagos State and urged vendors to formalise their goods in order to be seen by the vibrant market that the State Government has generously sponsored.
He said, “In most developed and developing countries, the MSME sector is far bigger than the formal economy and it is a means of livelihood for many people. This sector is a huge economic catalyst, as it constitutes 95 to 98 percent of all businesses, generates 50 percent of the Gross Domestic Product (GDP) and creates between 60 to 70 percent of employment.
’It is quite important, as it bears direct relevance to the clarion call of our administration to transform and position the State as a 21st Century Economy, in line with our THEMES+ Development Agenda, and in alignment with the economic diversification agenda of the Federal Government.
“Given the prevailing economic uncertainties, added value is an important strategy to acquire and retain customers, increase brand awareness, and differentiate once placed in the AfCFTA market.
“Consequent upon Nigeria’s joining the AfCFTA, which is poised to become a game changer for the African economy, we are duty bound to position our MSMEs to take advantage of this continental agreement by providing the platform and exposing them to the skillset required to accelerate the effectiveness of AfCFTA in stimulating intra-African Trade. This will particularly impact the exports of the State and the Nation to African countries, significantly increasing it between 10 percent and 15 percent in the nearest future.”
Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, in her welcome address, said the five days Exclusive Trade Fair would give networking opportunities for traders as well as training on how to package their goods to entice consumers among others.
She said: “Micro, Small, and Medium Enterprises (MSMEs) are the backbone of our economy, constituting a significant portion of businesses in Lagos State. They are the engines of innovation, employment generation, and poverty alleviation. Recognising the importance of MSMEs, the present administration has prioritised initiatives to enhance their capacities, foster entrepreneurship, and create an enabling environment for sustainable growth.”
Also speaking, the Guest Speaker, a professor of Entrepreneurship Hub and Strategic Management at the University of Lagos, Prof. Sunday Adebisi, noted that the youths should be encouraged to stay in the country and utilise their talents to grow the nation’s economy.
He called for the review of the Startup Act 2022, which was signed by former President Muhammadu Buhari in October last year, to eradicate the challenges of unrealistic government policies, hyperinflation rate and the Japa syndrome, which he described as the enemy of economic growth in the country.
During the trade fair, the Lagos Deputy Governor and his entourage inspected the exhibition stands within the trade fair and encouraged traders to register their goods to attract more foreign customers.
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