Lagos State Governor, Mr Babajide Sanwo-Olu, has said that with the right support of infrastructure and policy, the Micro, Small and Medium Enterprise (MSME) has the potential to increase Nigeria’s export value by 10 to 15 per cent in the nearest future.
In his keynote address, yesterday, at the 8th Lagos State MSMES exclusive trade-fair, the governor, who noted that in most developed and developing countries, the MSME sector is far bigger than the formal economy, said the sector is a huge economic catalyst, constituting 95 to 98 per cent of all businesses, and generating 50 per cent of the Gross Domestic Products (GDP).
Represented by the Deputy Governor, Dr Obafemi Hamzat, Sanwo-Olu said: “The theme of this year’s edition of the fair: ‘Empowering MSMEs for African Continental Free Trade Area (AfCFTA) Excellence through Sustainable Economic Growth’ 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 T.H.E.M.E.S+ Development Agenda, and in alignment with the economic diversification agenda of the Federal Government.”
Sanwo-Olu observed that given the prevailing economic uncertainties, added value is an important strategy to acquire and retain customers, increase brand awareness, and differentiate one’s place 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 skills 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 per cent and 15 per cent in the nearest future. By extension, it will tremendously increase the GDP of Nigeria, of which our dear state’s economy is a subset,”
In her welcome address, the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, stated that the Lagos MSMEs exclusive trade fair is an undeniable evidence of the administration’s unwavering commitment to the continuous growth of MSMEs in the state.
She underscored the importance of MSMEs as the backbone of the economy, constituting a significant portion of businesses in Lagos State.