Lagos State Governor, Babajide Sanwo-Olu, has reiterated his administration’s commitment to strengthening Micro, Small and Medium Enterprises (MSMEs) as a key driver of economic growth in the state.
Eko Hot News reports that the governor made this known at the opening of the maiden Lagos MSMEs Exclusive and Eko Roundcity Trade Fair held at the National Stadium, Surulere.
Represented by the Chairman, House Committee on Commerce, Cooperative, Trade and Investment, Hon. Abiodun Tobun, Sanwo-Olu said MSMEs remain central to Lagos’ economy, which contributes about 30 to 35 per cent of Nigeria’s Gross Domestic Product, valued at approximately $259 billion.
He acknowledged the contributions of traders, artisans, fashion designers, tech innovators, agro-processors and professionals across the state, noting that their activities sustain Lagos’ productivity and attractiveness for investment.
The governor described MSME support as a core pillar of his administration’s development agenda, stressing that small businesses create value in communities, markets and industrial clusters statewide.
Sanwo-Olu commended the organisers of the Eko Roundcity Trade Fair, noting that about 3,000 MSMEs from across Lagos are expected to showcase their products and services at the event.
He added that through the Lagos State Employment Trust Fund, about 40,000 MSMEs have received financial support, leading to the creation of over 200,000 direct and indirect jobs.
In her welcome address, the Commissioner for Commerce, Cooperative, Trade and Investment, Mrs Folasade Bada-Ambrose, described Lagos as Nigeria’s economic hub with over 20 million residents and thousands of businesses contributing significantly to national GDP.
She said the state has strengthened its trade and investment climate through market development, industrial hubs, enterprise support programmes and reforms that improve market access for small businesses.
Mrs Bada-Ambrose noted that the trade fair would provide artisans, informal sector operators and MSMEs with a platform to showcase their products, build capacity and grow their businesses.
She added that the initiative would promote local production, reduce reliance on imports and enhance job creation, while commending MSMEs and participating local governments for supporting the fair.
