Support For Small Firms Central To Our Devt Agenda, Says Sanwo–Olu

Lagos State governor, Mr Babajide Sanwo-Olu, on Monday reaffirmed that supporting Micro, Small and Medium Enterprises (MSMEs) remains a core pillar of his administration’s development agenda, noting that the sector drives productivity, job creation and the state’s economic stability.

The governor, through the Chairman, House Committee on Commerce, Cooperative, Trade and Investment, Hon. Abiodun Tobun, at the opening ceremony of the maiden Lagos MSMEs Exclusive and Eko Roundcity Trade Fair at the National Stadium, Surulere, said the significance of MSMEs to the state’s economic growth cannot be overstated.

According to him, Lagos, which is responsible for 30 to 35 per cent of Nigeria’s Gross Domestic Product (GDP) with an estimated economic value of $259 billion, relies heavily on the daily output of thousands of small businesses across its markets, industrial clusters, and creative hubs.

He highlighted the contributions of local traders in Balogun and Alaba, fashion designers in Surulere and Yaba, tech innovators in Lekki and Ikeja, agro processors in Epe and Ikorodu, and countless artisans and professionals whose work sustains the state’s competitiveness.

“This is why my administration considers support for MSMEs not as a side programme, but as a central pillar of our development agenda.

“We are renewing a clear commitment to those who keep the Lagos economy moving — the thousands of small businesses that create value in every street, market and industrial cluster across our State,” Sanwo-Olu said.

The governor said the Trade Fair presents an opportunity for over 3,000 MSMEs to showcase their products and services, expand their markets and gain visibility.

He added that through the Lagos State Employment Trust Fund (LSETF), approximately 40,000 MSMEs have received financial support, while around 200,000 direct and indirect jobs have been created since the initiative’s inception.

Commissioner for Commerce, Cooperative, Trade and Investment, Folasade Bada Ambrose, said the business community remains the engine of Nigeria’s commercial growth, and Lagos, home to over 20 million residents and thousands of enterprises, continues to implement reforms that strengthen market access for MSMEs.

She noted that the state has invested in market development, industrial hubs, enterprise support programmes and initiatives that promote local production to reduce overdependence on imported goods.

According to her, the fair will empower artisans, petty traders, informal-sector players and micro-businesses to grow their enterprises through increased exposure, capacity building and improved commercial linkages.

Chairman of the Fair, Fuad Oki, described the initiative as a bridge between the government and the grassroots, stressing that it marks a new chapter in empowering small businesses and demonstrates what partnership and shared purpose can achieve.