Governor Babajide Sanwo-olu has said that the state government invested a total sum of N103billion on infrastructural development to ensure conducive business environment.
This is with the aim of boosting the economy of the state, adding that it was also to ensure the success of businesses in Lagos among which are the Micro, Small and Medium Enterprises (MSMEs).
Sanwo-olu, who declared this through the Secretary to the State Government, Mrs. Folashade Jaji, at the opening ceremony of the 6th Lagos State organised MSMEs Exclusive Fair Tuesday, said the government is determined to ensure the survival of MSMEs despite the challenges thrown up by Covid-19 pandemic.
Top MSMEs brands like Grandma Foods, Goshen marble, Spectra’s Sobake brands etc were among the brand products that participated at the fair as well top personalities such as the Commissioner for Commerce and Industry, Mrs. Lola Akande, House of Representatives member, Prince Bayo Balogun, Chairman House Committee on Commerce, Industry and Cooperatives, Bisi Yusuf, Chairman, National Association of Small Scale, Industries (Lagos State Chapter), Mrs. Getryde Akhimen; President, Association of Food Agro Processors of Nigeria (AFAPN), Duro Kutiyi among others, graced the Fair.
According to the Commissioner for Commerce and Industry, the support the government gives to MSMEs is worthy because that group of businesses contribute over 80% of employment globally speaking, adding that in Nigeria due to the fact that most MSMEs are in the informal sector, their value is hardly noticed.
In the era of Covid-19, various economies today, she disclosed, MSMEs need to leverage on technology to succeed, saying recent studies show that 68% of MSMEs that levearaged on technology are more likely to see growth than their counter-parts,
Prince Balogun in his contribution urged the audience to support the move being made at the National Assembly to remove the issues of security and power(electric power)from the exclusive list,saying that if this was achieve then it would be easier to solve the power predicament dugging the operation of most MSMEs in Nigeria.
He also enjoined the MSMEs to partner closely with the Lagos State government, especially on the issue of packaging and marketing, saying that is another area that are problematic for small businesses in the country.
Mrs. Udo Stephanie Akwara, CEO, Grandma Foods, in a chat told our reporter that the company hopes to avail the opportunities at the MSMEs fair to boost her clientele and create needed awareness, saying that their brands are second to non in the Agric value processing chain.
She was grateful about the opportunity offered by the fair and hoped that more opportunities like the Lagos exclusive MSMEs fair is one of the ways that government can use to enable businesses today.
Mr. Sam Omole of Lagos Business School in his lecture called on the MSMEs to review their business operation and processes, introduce budgeting in their strategy, deploy information technology as a way of surviving post-Covid-19 and to have a business plan.
