Lagos State Governor, Mr Babajide Sanwo-Olu, has urged local and international investors to support Micro, Small, and Medium Enterprises (MSMEs) and collaborate to scale up their products and services. The aim is to enable these businesses to break into the African Continental Free Trade Area (AfCFTA) and the global market.
Governor Sanwo-Olu made the call at the closing ceremony of the 8th Lagos MSMEs Exclusive Trade Fair held at the Y-Arena, Awolowo Road, Ikoyi, over the weekend. The event centered around the theme “Empowering MSMEs for AfCFTA Excellence Through Sustainable Economic Growth.” The governor, represented by the Commissioner for Commerce, Cooperatives, Trade, and Investment, Mrs Folashade Ambrose-Medebem, emphasized that collaboration would result in a reasonable return on investment for small businesses in Lagos and Nigeria.
The trade fair served as a marketing platform to showcase the products and services of entrepreneurs in the state at no cost. Governor Sanwo-Olu noted that the fair facilitated networking among MSMEs and visitors, fostering fruitful deliberations during Business Clinics, which were facilitated by critical stakeholders.
Acknowledging the MSME sector as a catalyst for a viable economy, the governor assured that the state would continue to promote a diverse range of products and services made in Lagos. He highlighted the significant role of MSMEs in creating employment, generating income, improving the standard of living, and enabling investment opportunities for profit.
The governor stressed the importance of investors seizing opportunities in the MSME sector to contribute to the state’s economic growth. He mentioned that feedback from the fair would inform future events, enhancing service delivery and aligning with Lagos’ goal of becoming a 21st-century economy.
The 8th edition of the Lagos MSMEs Exclusive Trade Fair focused on empowering MSMEs to excel in AfCFTA and the global market. Governor Sanwo-Olu emphasized the government’s commitment to supporting individuals and groups capable of driving MSME growth, pledging to sustain the fair to activate more economic activities at the local level.
He announced plans to develop a compendium of Lagos MSMEs in sectoral form to establish a proper database. The state government will continue efforts to attract investment, both domestic and foreign, through MSMEs.
Pastor Cornelius Ojelabi, Chairman of the Lagos State All Progressives Congress (APC), encouraged young entrepreneurs to participate in government-designed programs aimed at boosting investment and creating wealth. Representatives of the exhibitors praised Governor Sanwo-Olu for fostering an inclusive government that brought together MSMEs and urged continued support in that regard. Participants also commended Lagos State for allowing exhibitors to display their products free of charge for six days at the venue.
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