Sanwo-Olu to deepen engagement with stakeholders for growth of MSMEs

Governor Babajide Sanwo-Olu has restated the resolve to deepen engagement with relevant stakeholders towards the provision of the enabling environment for sustainable economic development, poverty alleviation, and job creation especially in the micro, small and medium scale enterprises (MSMEs) segment of the Lagos economy.

“Our government is committed to the growth of SMEs because we recognise their role in economic emancipation and their pivotal spot in the socio-economic development of our dear state,” said Sanwo-Olu who was represented by Folashade Jaji, the secretary to the state government (SSG) at the 6th MSMEs’ exclusive fair, which opened in Ikeja on Tuesday.

The governor assured that the state will not relent in institutionalising policies that will enable the sustainability of MSMEs. He, therefore, urged exhibitors to take full advantage of the fair to launch and create a competitive niche for their businesses.

“We will ensure that small businesses flourish in Lagos State,” he stated.

The governor further disclosed that through the Lagos State Employment Trust Fund (LSETF), the government provided low-interest loans to MSMEs to the tune of N10 billion.

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“Our investment in MSMEs reflects our goal of making sure that small businesses are technically and financially empowered to generate lasting wealth,” he stated.

He added that the state government has invested over N103 billion in the provision of infrastructure to provide downstream contracts for MSMEs, as it equally extended the tax-filing deadline by 60 days and loan moratorium by 90 days to ease MSMEs’ working capital challenges.

Lola Akande, the Lagos State commissioner for commerce, industry and cooperatives, said the fair was geared towards encouraging MSMEs to explore different alternatives to promote their businesses.

According to her, the theme of this year’s fair, “Effect of Covid-19: Charting the way forward for MSMEs” was apt considering the effects of the pandemic and the ensuing pockets of insecurity and economic recession.