Lagos State government has encouraged owners and operators of Micro, Small and Medium Enterprise (MSME) to embrace technology and digital options to scale up their operations and remain competitive.
Speaking at the 2020 MSME fair and exhibitions, organised by state ministry of commerce, industry and cooperatives, with the theme, ”MSME in the time of Covid-19: survival strategies to beat the odds,” on Wednesday, the state governor, Babajide Sanwo-Olu said digital options have become even more compelling because of the Covid-19 pandemic.
Sanwo-Olu, who was represented by the secretary to the state government, Folasade Jaji, said that the global economy was facing a major crisis that projected to get deeper or persist longer than expected.
He said with social distancing and isolation as preventive measures to reduce the spread of the Covid-19 pandemic, a lot of businesses were already facing difficulties with their survival and profitability under threat.
According to him, as entrepreneurs or business owners, innovation and creativity will play a key role in surviving the challenges posed by Covid-19.
”Today, more than ever before, the business world is going digital and business owners who are leveraging digital presence to offer and deliver their services have a huge advantage.
”This is the perfect chance to make a transition into the digital space and get your business the support it needs.
”Customers are relying solely on online businesses to get the products and services they need, while at the same time trying to stay safe.
”This crisis has illustrated just how real disruption can be and has also highlighted the gaps in operations and technical investments.
”It is now important for environment that would enhance the competitiveness and productivity of the creative and productive private enterprise, as well as sustain an innovative driven economy,” said Sanwo-Olu.
The governor who acknowledged the contribution of MSMEs to the economic growth of Lagos , assured of the state government’s resolve to continue to create an enabling environment for businesses to thrive.
He said the MSMEs have not only bolstered that GDP of the state, but significantly generated employment, create wealth, reduced poverty, and helped in raising the standard of living of the citizens.
”On our part in Lagos State, we shall continue to formulate enterprise-friendly policies and develop the requisite infrastructure with a positive business industrialisation of our nation.”
He said the annual fair presented a challenge for all players: public and private to look inward and conscientiously develop the internal and external capacities of local firms. The governor, therefore, urged operators of MSMEs in the state to step up their efforts in the area of public-private collaboration.
The state commissioner for commerce, industry and cooperatives, Lola Akande in her address, said the annual fair was part of the current administration’s initiative at enhancing capacity building for MSMEs operators.
She added that the e-commerce hub would expose MSMEs to various market opportunities, financial linkages, and provide necessary advice on innovative approach for businesses.
Akande reiterated that the state government was sensitive and emphatic to the enormous unprecedented challenges faced by businesses in Nigeria.
“As such, it has become imperative for the state to continually provide support to entrepreneurs and business owners to mitigate the challenges through consistent marketing support activities such as this exclusive trade fair.
“The Lagos MSME fair is an undeniable evidence of the current administration’s unshaken dedication to the continuous growth of the MSME sector in Lagos State.
“According to statistics, the sector provides about 48 per cent of the Gross Domestic Product (GDP)of the Nigeria and accounts for 96 per cent of businesses. Lagos has the highest number of MSMEs (11,663) and 3,224,324 micro-enterprises,” she said.
She added that the government has been supportive to the development of MSMEs in the state. She listed the Lagos State Employment Trust Fund through which the government provides affordable loans to MSMES at a reduced interest rate among other initiatives to cushion the effect of Covid-19 on the state.
“Also an industrial estate is on-going at Imota Light Industrial Estate, Ikorodu to provide work spaces for our small-scale industrialists in the food and beverages sector with modern facilities within the industrial estate.
“In addition, the ministry also sponsors yearly an ample number of MSMEs operators in the State to Lagos Chamber of Commerce and Industry (LCCI) organised international trade fair free of charge.
“As a government passionate about the growth of the MSME sector, we will therefore continue to be more pragmatic and receptive to initiatives that would foster growth, development and sustainability of MSMEs,” Akande said.
