Lagos Government Champions MSMEs for AfCFTA Success at Exclusive Trade Fair

Lagos State Governor, Babajide Sanwo-Olu, reiterated his administration’s dedication to positioning Micro, Small and Medium Enterprises (MSMEs) to leverage the Africa Continental Free Trade Area (AfCFTA).

He emphasized the need to equip these enterprises with the necessary skills to enhance their effectiveness and contribute to the stimulation of intra-African trade.

Speaking at the opening ceremony of the Eighth Lagos State MSMEs Exclusive Trade Fair, themed “Empowering MSMEs for AfCFTA excellence through sustainable economic growth,” the Governor urged Nigerian entrepreneurs, particularly those in the small and medium-scale sector, to seize opportunities presented by the nation’s challenges.

Sanwo-Olu emphasized that this proactive approach could foster financial independence for businesses and, in turn, boost the nation’s Gross Domestic Product (GDP).

The Governor, represented by his deputy, Dr. Obafemi Hamzat, stressed the significance of presenting Nigeria positively on social media platforms to attract investors.

He cautioned against negative narratives that could potentially harm the country’s global image.

Sanwo-Olu acknowledged the thriving market in Lagos State and encouraged traders to formalize their products for better visibility, leveraging the extensive support provided by the State Government.

Highlighting the vital role of the MSME sector, he noted that it constitutes 95 to 98 percent of all businesses, generates 50 percent of the GDP, and creates between 60 to 70 percent of employment.

The Governor asserted that the MSME sector aligns with the administration’s goal to transform Lagos into a 21st-century economy.

With Nigeria joining the AfCFTA, Sanwo-Olu underscored the need to prepare MSMEs to capitalize on this continental agreement. He pledged the State’s commitment to providing the platform and skills necessary to accelerate the effectiveness of AfCFTA in stimulating intra-African trade, thereby increasing exports.

The Lagos State Commissioner for Commerce, Cooperatives, Trade, and Investment, Mrs. Folashade Ambrose-Medebem, highlighted the five-day Exclusive Trade Fair’s significance in providing networking opportunities for traders and offering training on effective packaging to attract consumers.

During the fair, the Deputy Governor and his entourage inspected exhibition stands, encouraging traders to register their goods for increased visibility to foreign customers.

Source: PM News