January 28, 2023

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BABAJIDE SANWO-OLU POSITIONS MSMEs TO EXPAND LAGOS ECONOMIC FOOTPRINT

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Mr. Babajide Olusola Sanwo-Olu, Lagos State Governor

The Lagos State Government has revealed that the strategic interventions in the state’s economy are geared towards positioning the Micro, Small, and Medium Enterprises (MSMEs) to expand their economic footprint and contribute to the general growth of the State’s economy.

The Special Adviser to the Governor on Sustainable Development Goals and Investment, Solape Hammond, stated this at a Breakfast Meeting organized for MSMEs, held at Ikoyi.

Hammond said that the critical role MSMEs are expected to perform in becoming a springboard for the socio-economic transformation required holistic intervention from both the government and the private sector.

She noted that supporting the growth and development of MSMEs remains the best way to advance the diversification of the economy and create employment for the people.

Speaking on the theme of the meeting, “Catalyzing MSMEs: The Key to a Sustainable Greater Lagos”, Hammond stated that the MSMEs are a critical sector that is capable of building economic resilience and achieving key targets of the SDGs.

2nd left Mrs. Sherifat Folashade Jaji, Secretary to Lagos State Government, 3rd left, the Commissioner for at the 2022 Trade Fair of Micro, Small, and Medium Enterprises, held at De Blue Roof, LTV Complex, Ikeja

Represented by the Permanent Secretary, Office of Sustainable Development Goals and Investment, Mrs. Abosede George, the Special Adviser emphasized the multiplier effects of investing in the sector which according to her will result in positive socio-economic impacts at all levels.

Hammond enthused, “given that they are responsible for employment generation, wealth creation, empowerment, innovation, income generation, and prosperity, the administration of Mr. Babajide Sanwo-Olu is making vital interventions in advancing the course of MSMEs in the State with a view to achieving its vision of transforming Lagos into a 21st-century economy’, she averred.

The S.A. on Sustainable Development Goals further affirmed that efforts to increase economic activities in the State and make it more attractive as investors’ destinations of the nation are hinged on providing access to supportive networks and infrastructure for businesses in the MSMEs class.

Highlighting some of the investments that have been made in the MSMEs ecosystem, the Special Adviser noted that the multi-billion investment in Lagos State Central Food Security system and Logistics Hub in Ketu-Ereyun in Epe, the soon-to-be-completed 44 Factory Units-Imota Light Industry Park, the Small-Scale Industrial Estates in Mushin and Isolo, are initiated to support the growth and sustainability of the sector.

Governor Babajide Olusola Sanwo-Olu, at the launch of LAGRIDE, to empower commercial drivers to offer quality car-hailing service to Lagosians and tourists alike

According to her, along with the industrial shed at Sabo in Ikorodu, and the ongoing construction of a new Small Scale Industrial Estate at Gberigbe, Ikorodu, the Simprovetate is providing adequate support for locally made products, she said.

While confirming that a broad-based platform to enhance the visibility of entrepreneurs had been propelled by the State Government, the Special Adviser pointed out that the establishment of Eko MSMEs Fashion Hub I, the e-Commerce digital platform, and the Lagos State Export Promotion Committee is positioned to promote the marketability of locally made products.

She explained that the recently launched Lagos MSMEs Franchise Framework Development Initiative in partnership with Frandis Forum is aimed at facilitating MSMEs access to affordable financial and institutional support that is needed to create wealth and employment opportunities.

She added that the government had consistently developed mechanisms to protect and promote the rights of consumers of goods and services through consumer education, scientific investigation, mediation, monitoring, and enforcement of the Law against producers of adulterated and fake products.

The Executive Secretary of Lagos State Employment Trust Fund, Mrs. Tejumade Abisoye, in her presentation acknowledged the prospect of MSMEs to improve the State’s Gross Domestic Product (GDP).
She revealed that the State Government had a broadband support structure that accommodated all MSMEs operators in the state through the Integrated MSMEs Support program and other business development services.

Abisoye further said “the LSETF business support system includes access to finance and capacity building for good corporate governance for scaling up the resilience of MSMEs across the state”, she disclosed.

The event also featured other keynote speakers including Mrs. Morenike Famakin, from the Ministry of Commerce, Trade and Industry; Mr. Jermaine Sanwo-Olu, the Senior Special Assistant to the Governor on Diaspora; Kris Componi, First Secretary, Head of Prosperity, British Deputy High Commission in Lagos; Mr. Tayo Adedugbe, Founder Frandis Forum and other stakeholders in the Lagos state’s MSMEs ecosystem.

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