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 footprints 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 organised for MSMEs, held recently at Ikoyi, adding that the critical role of MSMEs as a springboard for socio-economic transformation requires holistic interventions from both the government and the private sector.
She remarked 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.
Represented by the Permanent Secretary, Office Sustainable Development Goals and Investment, Mrs. Abosede George, the Special Adviser emphasised the multiplier effects of investing in the sector which according to her will result in positive socio-economic impacts at all levels.
“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.
Hammond 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.
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.
While confirming that a broad-based platform to enhance the visibility of entrepreneurs has 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 has 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.
In her presentation, the Executive Secretary, Lagos State Employment Trust Fund, Mrs. Tejumade Abisoye acknowledge the prospect of MSMEs to improving the State’s Gross Domestic Product (GDP).
She revealed that the State Government has a broadband support structure that accommodates all MSMEs operators in the state through the Integrated MSMEs Support programme and other business development services.
“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 MSMEs sector.