Sanwo-Olu, Minister Call For Urgent Implementation Of Policies To Grow SMEs

Lagos State Governor Mr. Babajide Sanwo-Olu, the Minister of Industry, Trade and Investment Dr. Jumoke Oduwole, and other stakeholders in the business sector have called for the urgent implementation of policies on the consumption of local goods to grow Small and Medium Enterprises (SMEs) in the country.
Governor Sanwo-Olu, who was represented by the Permanent Secretary, Lagos State Ministry of Cooperatives, Commerce, Trade and Investment, Dr. Aina Ayoola spoke at the third day of the 16th Meeting of the National Council on Industry, Trade and Investment organised by the Federal Ministry of Industry Trade and Investment and hosted by the Lagos State government with the theme ‘Accelerating Diversification by Leveraging Industry, Trade, and Investment for Shared Prosperity.’

He said several suggestions and policies have been formulated from the first meeting of the council to the 15th edition, but he noted that now is the time to implement those policies if Nigeria is to rebuild its economy.

The governor added that through collaboration, innovation, and strategic partnerships between states and the federal government, Nigeria can rebuild and accelerate its journey towards shared prosperity by diversifying its economy from oil to developing its local manufacturing sector.

“Let us transform the brilliant ideas and resolutions crafted here into tangible actions that will impact the lives of our citizens. The journey towards a diversified and prosperous economy requires more than policy declarations; it demands relentless implementation, measurable outcomes, and unwavering accountability.’ Sanwo-Olu said.

He said Lagos State, under his administration, has provided a conducive environment for businesses to thrive, investments to flourish, and innovation to take root. He added that the state will continue to be at the forefront of transforming Nigeria as a hub for manufacturing, a leader in intra-African trade under the African Continental Free Trade Area Agreement, and a prime destination for sustainable investments.

In her address, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, said Nigeria stands at a high inflation point. President Bola Tinubu has been trying to stabilise the situation for the last two years.

She said the President is implementing policies to diversify the nation’s economy from overreliance on the oil sector to the non-oil sector.

“Our economy relies on a single economy, but the President is tackling it. We have seen so many opportunities and manufacturing potential that can be unlocked. At the Ministry of Trade, Industry and Investment, we are working to lay the foundation for our economic diversification.”