Lagos State Governor Babajide Olusola Sanwo-Olu has reiterated his administration’s commitment to empowering Small and Medium Enterprises (SMEs) and Fintech companies to foster a robust and thriving local economy in Lagos State.
The governor stated this today during a courtesy visit by the United Nations Industrial Development Organization (UNIDO) led by the Deputy Director-General to Nigeria & Managing Director of the Directorate of Global Partnerships and External Relations, Ms. Fatou Haidara held at the Official residence of the Deputy Governor, Ikoyi, Lagos.
Sanwo-Olu who was represented by the Deputy Governor, Dr. Kadri Obafemi Hamzat stated that the government recognizes the vital role SMEs play in driving economic growth and creating a vibrant economy in the country and the state.
“Our effort has been to drive rise the local economy and make sure that we have fund genuine entrepreneur, train them and make sure that they are able to do what they can do for the development of the state and the country at large,” he said. He added that it is important for the government to focus on small companies that use local materials not imported materials stressing that through this way the government can create jobs along the value chain.
According to the governor, “The major thing for us is to look at how we can help the SMEs, that is why we created an agency under the Ministry of Wealth Creation, Lagos State Employment Trust Fund which has been able to help over two hundred Nano SMEs, those businesses that are small, they don’t have access to loans and collateral and as such we are looking at how we can actually help those Nano SMEs.”
Accordingly, data show that the first five years are very key for their business to thrive “as businesses usually collapse within the first five years of startup”. He noted that apart from giving them grants and loans in some cases, the state government also makes sure they know the single-digit working, such as working with BOI, CAC among others, and also trains them on how to keep their books and how to manage their businesses for them to be successful.
He therefore enjoined the United Nations Industrial Development Organization (UNIDO) to continue to relate with the state government to enhance robust economic growth and continuous development in the state, noting that the main thing for his administration is building infrastructures such as rail, and water transportation among others, since “it is infrastructures that will help businesses to thrive within the state,” he concluded.
Sanwo-Olu highlighted some notable achievements of the government, which include the signing of a Memorandum of Understanding (MoU) with a company in the Netherlands to convert part of the state wastes in Epe to energy, which is capable of providing power to about 40,000 households within the community.
Earlier in her address, the Managing Director of the Directorate of Global Partnerships and External Relations, Ms Fatou Haidara stated that the aim of the UNIDO is to support the National Strategies of Nigeria in terms of industrial development and industrialization, which will help to create more employment in the country.
Haidara noted that SMEs have played a vital role in the development of any country as they help in creating employment and boost economic growth. While stating the aim of the UNIDO in the growth of the economy, she said “Industrial development is a process that starts at the Macro level, supporting the small businesses by setting them up, at the Medium level supporting the institution and capacity building, and at the Enterprises level which is the private sector.
She said the mandate of the organization is inclusive and sponsor-able industrialization, which means partnership adding that “it is important to strengthen this cooperation which will drive our state economy to thrive”
The Director-General thanked the Lagos State Government for its support towards the hosting of the ITC which is the Investment in Technology Corporation.
