Ayodele Olalere
Lagos State Governor, Babajide Sanwo-Olu on Tuesday said the government is duty bound to position Micro, Small, and Medium Enterprises, MSMEs to take advantage of the Africa Continental Free Trade Area, AfCFTA by providing the platform and exposing them to skills required to accelerate the effectiveness to stimulate intra-African Trade.
Sanwo-Olu spoke during the 8th Lagos State MSMES Exclusive Trade Fair in Ikoyi. 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.
He said the economic uncertainties the country is facing has necessitated the need for businesses to add value to their trade so as to acquire and retain customers as well as improve their brand awareness.
Sanwo-Olu promised that his administration would continue to support MSMEs to enable them to produce high quality products to meet the demand of the AfCFTA market.
He mentioned markets such as leather, fishery, rice production, vegetables, food products, livestock and many other sectors that the government would support.
Aside the MSMEs Exclusive Trade Fair, the governor highlighted other programmes designed by the state government to boost MSMEs include, Lagos International Trade Fair; providing access to finance through agencies such as Lagos State Employment Trust Fund, and provision of infrastructure such as the 44-Unit Light Industrial Park, Imota, construction of roads and bridges, completion and operation of the Lagos Blue Light Rail and many others.”
He explained that, “these efforts are geared towards assisting entrepreneurs and business owners to mitigate challenges hindering market access, finance, production and movement of goods and services across the state.
“Our administration also initiated the idea of the Leather and Fashion Hubs and renovation of all State-owned industrial estates to encourage production, to aid this sector to break into the economic cycle and gain access into the AfCFTA market.
In her welcome address, the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem said the AfCFTA, with 43 parties and 11 signatories, is the largest free trade area by number of member states, after the World Trade Organisation.
She described MSMEs as the backbone of our economy, constituting a significant portion of businesses in Lagos State.
‘They are the engines of innovation, employment generation, and poverty alleviation. Recognising the importance of MSMEs, the present administration has prioritised initiatives aimed at enhancing their capacities, fostering entrepreneurship, and creating an enabling environment for sustainable growth,” she said.
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