Lagos State Pledges More Support to MSMEs Growth

Lagos State plans to step up efforts to support the expansion of Micro, Small, and Medium Scale Enterprises (MSMEs) through programme implementation and policy development to maintain its status as Nigeria’s industrial and commercial capital.

Business Membership Organisations (BMOs), Mrs. Folashade Ambrose-Medebem, the Commissioner for Commerce, Cooperatives, Trade, and Industry (CCTI), emphasized this commitment during the first stakeholders’ meeting.

To boost foreign exchange profits, Ambrose-Medebem emphasized the necessity for small enterprises to diversify and achieve 100% local content in production. She emphasized the need for teamwork and adding value, and she urged companies to use assistance programmes to help them survive and thrive in the face of changing economic conditions.

The commissioner reiterated the administration’s commitment to diversifying the economy away from oil and promoting locally made goods and services. Ambrose-Medebem outlined existing initiatives, including the Lagos MSMEs Exclusive Trade Fair, support for BMOs’ fairs, increased market access, capacity building, soft loans through the Lagos State Employment Trust Fund (LSETF), and other forms of support for MSMEs.

Addressing challenges raised by BMOs, including access to finance, market access, multiple taxes, high costs of raw materials, and other impediments, Ambrose-Medebem assured continued collaboration. Permanent Secretary in the Ministry, Oluwagbemiga Aina, pledged government efforts to involve BMOs in policy formulation, data analysis, and rent reviews at industrial hubs to alleviate challenges.

Aina encouraged BMOs to enhance their products’ value, adopt strategic approaches, and foster innovation to improve profitability. The government aims to create a conducive business environment, partnering with the Organised Private Sector and stakeholders to drive policies and projects for business prosperity in the state.