Lagos Governor, Mr. Babajide Olusola Sanwo-Olu, has reiterated his administration’s commitment to empowering Small and Medium Enterprises (SMEs) and Fintech companies to foster a robust and thriving local economy in the state.
Governor Sanwo-Olu expressed this commitment during a courtesy visit by the United Nations Industrial Development Organization (UNIDO), led by the Deputy Director-General to Nigeria & Managing Director of the Directorate of Global Partnerships and External Relations, Ms. Fatou Haidara, which held at the Official residence of the Deputy Governor in Ikoyi.
Sanwo-Olu, who was represented by the Deputy Governor, Dr. Kadri Obafemi Hamzat, stated that the state government recognizes the vital role SMEs play in driving economic growth and creating a vibrant economy in the country and the state.
“Our effort has been to drive the local economy and make sure that we fund genuine entrepreneurs, train them, and make sure that they are able to do what they can do for the development of the state and the country at large,” he said.
The governor disclosed that it became important for the government to focus on small companies that use local materials and not imported materials, saying that such was the reason it created an agency called Lagos State Employment Trust Fund under the Ministry of Wealth Creation.
According to him, the agency has been able to help over 200 Nano SMEs, which do not have access to loans and collateral, stressing that through this way the government can create jobs along the value chain.
“The major thing for us is to look at how we can help the SMEs, that is why we created an agency under the Ministry of Wealth Creation, Lagos State Employment Trust Fund which has been able to help over two hundred Nano SMEs. Those businesses that are small, they don’t have access to loans and collateral and as such, we are looking at how we can actually help those Nano SMEs,” Governor Sanwo-Olu said.
The governor, while noting that data have always shown that the first five years were very key for business to thrive “as businesses usually collapse within the first five years of startup,” said that apart from giving the SMEs grants and loans in some cases, the state government also made sure they knew the single-digit working.
According to him, this includes working with Bank of Industry (BOI), Corporate Affairs Commission (CAC), among others, and also training them on how to keep their books and how to manage their businesses for them to be successful.
He, therefore, enjoined UNIDO to continue to relate with the state government to enhance robust economic growth and continuous development in the state, noting that the main thing for his administration was building infrastructures such as rail, and water transportation, among others, since “it is infrastructures that will help businesses to thrive within the state.”
Speaking further, Governor Sanwo-Olu highlighted some notable achievements of his administration, including the signing of a Memorandum of Understanding (MoU) with a company in the Netherlands to convert part of the state wastes in Epe to energy, which he said was capable of providing power to about 40,000 households within the community.
Managing Director of the Directorate of Global Partnerships and External Relations, Ms Haidara, earlier in her address, stated that the UNIDO aimed to support the National Strategies of Nigeria in terms of industrial development and industrialization, which would help to create more employment in the country.
Haidara noted that SMEs had played a vital role in the development of any country, saying that they helped in creating employment and boosting economic growth.
While stating the aim of the UNIDO in the growth of the economy, she said that the mandate is inclusive and all about industrialization, through partnership, adding: “It is important to strengthen this cooperation which will drive our state economy to thrive.”
