Sanwo-Olu Vows To Empower MSMEs For AfCFTA Goals

Lagos State Governor, Mr Babajide Sanwo-Olu yesterday said his administration will empower Micro, Small, and Medium Enterprises, (MSMEs) to take advantage of the Africa Continental Free Trade Area, (AfCFTA)
The Governor who gave the charge during the 8th Lagos State MSMES Exclusive Trade Fair in Ikoyi area of the state said his government will achieve the feat by providing the platform and exposing them to skills required to accelerate the effectiveness to stimulate intra-African Trade.

The fair is designated as an annual marketing access and intervention platform for Lagos MSME operators to showcase their products and services to the larger population of the state and Nigeria at large.

The Governor who was represented by his Deputy, Dr Kadri Obafemi Hamzat disclosed that to achieve the goals of AfCTA, the state government had set up a Technical Working Group on AfCFTA, which comprises the representatives of both the public and private sectors.

The theme of this year’s edition of the Fair: “Empowering MSMEs for AFCFTA Excellence through Sustainable Economic Growth’ was a means of identifying new opportunities for diversification and value chain development available under the Agreement

The Governor said, “There is no other place I would rather be on a day like this, than around you all to challenge you and open your horizon to the economic potentials embedded in this sector for our dear State. In most developed and developing countries, the MSME sector is far bigger than the formal economy and it is a means of livelihood for many people. This sector is a huge economic catalyst, as it constitutes 95 to 98 percent of all businesses, generates 50 percent of the Gross Domestic Products, GDP and creates between 60 to 70 percent of employment. In Sub-Saharan Africa and South Asia for example, workers in this sector are estimated to account for about 90 percent of the labour force.