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Lagos mulls incentives for local manufacturers, SMES

Governor of Lagos State, Babajide Sanwo-Olu, says his administration will be pursuing a private sector finance to incentivise local manufacturers as well and Small and Medium Enterprises (SMEs) operating within Lagos.

This, according to Sanwo-Olu, will encourage and empower more start-ups and local manufacturers, as it will help them access markets and create values for their locally produced products.

Governor Sanwo-Olu disclosed this on Monday when he visited the Lagos International Trade Fair ongoing at the Tafawa Balewa Square (TBS) on the Lagos Island.

The fair annual trade fair and exhibitions is organised by the Lagos State Chamber of Commerce and Industry (LCCI).

According o Sanwo-Olu, creating a sustainable financing and market opportunities for the SMEs will complement his administration’s drive to further grow the state’s economy. He believed such incentives would indeed catalyse the local market and encourage manufacturers.

“My presence at this trade fair is to encourage a lot of our SMEs that have come here to display their wares. This is real governance and collaboration in action.

We need to come to terms with the challenges our young and upcoming manufacturers are facing in accessing markets to sell their products. This is the idea behind this trade fair, to interface with market and give users a new lease of experience in various products,” he said.

The governor also said there was the need to look for international finance that the SMEs could leverage to expand their operations and create more job opportunities in the economy.

While declaring intercultural textiles business open at the fair, Sanwo-Olu harped on the need to integrate Nigerian textile products into Chinese market. This, he said, would further strengthen trade relations between the two countries.

 

JOSHUA BASSEY

 

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