The Lagos State Government has reaffirmed its commitment to strengthening the Micro, Small and Medium Enterprises (MSME) sector, describing small businesses as ‘the engine that keeps the state’s economy moving.’
Representing Governor Babajide Sanwo-Olu at the opening ceremony of the week-long Lagos MSMEs Exclusive and Eko Roundcity Trade Fair, the Chairman of the Lagos State House Committee on Commerce, Cooperative, Trade and Investment, Abiodun Tobun said the event offered an opportunity for the government to renew its support to thousands of MSMEs across the state.
He said, “From the first day of this administration, our T.H.E.M.E.S+ Agenda has placed enterprise development at the center of our work. We strengthened the Lagos State Employment Trust Fund, which was created to provide affordable financing and enterprise support for small businesses. The Fund has invested over 25 billion naira in helping Lagos residents start and grow their businesses.”
Tobun noted that the administration’s efforts are focused on financing, infrastructure, skills and market access.
According to him, “LSETF interventions have supported about 40,000 MSMEs and created approximately 200,000 direct and indirect jobs, while the new LASMECO programme now offers non-collateralized loans of up to 10 million naira at single-digit interest rates through cooperatives.”
He said that the Eko Hub Model is also providing affordable, equipped and shared workspaces for entrepreneurs.
Tobun also highlighted government programmes such as the Lagos State Export Readiness Programme, which prepares MSMEs to leverage the African Continental Free Trade Area (AfCFTA), alongside investments in digital skills training in areas such as financial management and coding.
The lawmaker said; ”massive investments in roads, bridges and rail infrastructure are aimed at reducing travel time and building a truly 24-hour economy.”
“At recent trade events, I have reiterated our commitment to an enabling environment for MSMEs through more predictable regulations, digital one stop platforms for business registration and approvals, and continuous investment in roads, rail, logistics and power,” he said.
Tobun acknowledged ongoing challenges including transportation costs, rental pressures, power deficits and climate threats such as flooding and coastal erosion.
“Our responsibility as government is to ensure that growth in Lagos is broad based and that no part of our State is left behind in the search for opportunity,” he stressed
Tobun assured entrepreneurs that the Sanwo-Olu administration “sees them, supports them and will continue to stand with them.”
Also speaking at the event, the CEO of Goshen Marbles and National Vice President of the Nigerian Association of Small Scale Industrialists, Dr. S. T. Kuti-George, called on Nigerian MSMEs to cultivate a strong and unmatched entrepreneurial mindset to achieve sustained success.
Kuti-George described the entrepreneurial mindset as solution-oriented, continuously learning and improving.
He said those who possess it maintain a resourceful and resilient approach even in difficult conditions.
Kuti-George highlighted Lagos as an economic powerhouse contributing an estimated 30 to 35 percent of Nigeria’s GDP, with a city economy valued at 259 billion dollars, relying heavily on the energy of determined entrepreneurs.
“This mindset, which determines success or failure, is the unseen fuel driving the state’s remarkable growth. The synergy between this enterprising spirit and the strategic support from the Lagos State government is creating an ecosystem where MSMEs can truly thrive,” he said.
He explained that MSMEs remain the backbone of the Nigerian economy, accounting for 96.9 percent of all businesses, providing 87.9 percent of employment, and contributing over 46 percent to national GDP. Lagos alone accounts for 6.6 percent of all MSMEs in the country.
Kuti-George also outlined the 7 Cs of an entrepreneurial mindset which are Curiosity, Critical Thinking, Creativity, Collaboration, Communication, Customer Focus and Confidence, and the 3 Rs which are Resilience, Resourcefulness and Result Orientation.
Other dignitaries at the opening ceremony included Oba Owolabi Adeyemi Adeniyi, the Onisabe of Igbogbi Sabe and Yaba Kingdom; Folashade Ambrose-Medebem, Commissioner for Commerce, Cooperatives, Trade and Investment; Chairman of the Eko Roundcity Trade Fair, Ogboni Fouad Oki; as well as several local government chairmen and officials.