Tinubu Emphasises Importance Of SMEs To Economic Growth

President Bola Tinubu has promised to provide an enabling environment for businesses, especially Small and Medium Enterprises to thrive.

He stated this at the opening ceremony of the 37th edition of Lagos International Trade Fair, which commenced yesterday November 3, 2023 to end on November 12, 2023 with the theme: ‘Connecting Businesses, Creating Value’.

Representing the President,  the chief executive officers of Tafawa Balewa Square Management Board (TBSMB),  Lucia Shittu said:  “our small and medium sized enterprises are the lifeblood of our economy. They are the images that power growth and innovation. It is our duty to provide them with the necessary support and resources they need to flourish.”

Tinubu stated that, “with good policies, access to finance and capacity building initiatives, we will empower these enterprises to reach new heights of success.

“One of these initiatives is the Presidential loan scheme designed to provide small and medium enterprises with access to working capital. The world is changing, and so must we, innovation is certainly not a luxury or a necessity. We must embrace new technologies and adapt to evolving consumer demands.”

Lagos State governor, Mr. Babajide Sanwo-Olu stated that, through the 37th edition of Lagos International Trade Fair, the chamber is providing another huge 10-day window for businesses to showcase their products and services, gain great marketing mileage and fresh opportunity for networking with other businesses.

Sanwo-Olu,  represented by the commissioner, Lagos State Ministry of Commerce, Industry and Cooperative, Mrs Folashade Ambrose-Medem, noted that the platform is timely, very strategic, and transformative as it will further build the investment ecosystems to support more competitive investment opportunities in Nigeria.

According to Sanwo-Olu, this Fair has the potential to generate and woo Foreign Direct Investment into the country and reduce the pressure on the currency.

“The need to leverage this 10-day event to drive more investment also becomes more apparent, when we consider the good percentage of Nigeria’s population under the age of 30, in addition to other variables that are critical to encouraging investors and growing the economy,” he said.

The governor assured that the State remains committed to providing a friendly and conducive business environment for the Organised Private Sector and other stakeholders, through continuous engagement in the implementation of policies, regulations and projects as they impact business prosperity of the State.

He affirmed that his administration will continue to protect and promote the interest of investors and businesses in the State.

Also, the president of Lagos Chamber of Commerce and Industry (LCCI), Dr Michael Olawale-Cole said, the Lagos International Trade Fair has, over the years, grown to be another significant milestone in the economic life of Nigeria and the broader African continent.

He noted that, there is need to acknowledge the challenging economic environment that Nigeria has been facing in recent times, saying that “though some are necessary, these challenges have tested our resilience and have called for innovative solutions to foster economic growth and prosperity for our nation and for our people.

“It is therefore my privilege to present the pivotal roles that trade fairs like this play in shaping our economic future as individuals, businesses and as nations.”

He also added that the importance of this year’s theme cannot be overstated, saying “it calls upon us to acknowledge the difficulties we face while inspiring us to seek solutions, embrace new opportunities, and develop innovative strategies to foster economic growth.”