Lagos State government has begun digitisation process for small businesses with the introduction of WARA, a local e-Commerce platform for Micro, Small and Medium Enterprises (MSMEs) subsector in Lagos.
This was disclosed by the state commissioner for commerce, industry and cooperatives, Lola Akande, at the closing of the 5th Lagos State MSME exclusive fair on Sunday, September 27, with the theme ‘MSMEs in the time of Covid-19: survival strategies to beat the odds.’
According to Akande, equipment manufacturers and exporters were among the exhibitors at the fair to provide relevant technology solutions to businesses. “An immense opportunity for networking was created for astute business persons with over 100 SME operators manning their booths,” she said.
Akande stated that about 80 percent of businesses in Nigeria fail in their first year. But the number has increased by the Covid-19 pandemic with businesses folding up due to disruptions in global supply chains and local logistics.
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According to her, business model across the globe has been changed by the pandemic, hence MSMEs must embrace dynamic and innovative ways of doing business, “…digitisation of your business is increasingly essential,” said Akande, stating that innovation and education were integral to the survival and relevance of businesses in today’s fast-paced world.
Ibijoke Sanwo-Olu, wife of the governor, said the idea of the exclusive fair was to enhance the profitability of MSMEs in line with the state government drive of promoting local businesses.
According to her, the theme of the fair was carefully selected to prepare members of the sector for the challenges foisted on the world by the unanticipated and unexpected crisis brought about by Covid-19 pandemic.
“Although the global economy is slowly recovering from the downward trend occasioned by the pandemic but the fact remains that many economies are still contending with the sordid realities of health crisis which, at some point, literarily shut down economic activities across the globe,” said Sanwo-Olu.
