The Lagos State Government on Tuesday commenced the implementation of the National Policy on Micro, Small and Medium Enterprises with the inauguration of the state council on MSMEs.
The commencement of the implementation of the policy was announced at the first Lagos State MSME Exclusive Fair and the launching of the ‘Purchase made-in-Lagos: Create employment’ campaign to boost the patronage of products of the MSMEs.
Governor Akinwunmi Ambode said that the establishment of the Lagos State Council on MSMEs was to ensure proper coordination of subsector in the state and to key into the implementation of the National Policy on MSMEs.
Ambode, who was represented by his deputy, Mrs. Oluranti Adebule, urged members of the council to identify MSMEs operating in the state and recommend how the state could enhance their productivity so that they could truly serve as the bedrock for the economic development of the state.
While acknowledging the role of the MSME sector in the revival of Nigeria’s economy, Ambode noted that with over three million micro enterprises and over 11,000 SMEs, Lagos accounted for the largest concentration of micro and small-scale enterprises in Nigeria.
The governor said in order to tackle the challenges of access to funding by small businesses, the state recently disbursed N6.25bn out of the N25bn employment trust fund established by it.
Explaining the functions of the Lagos State Council on MSMEs, the Commissioner for Commerce, Industry and Cooperatives, Prince Rotimi Ogunleye, said that the council would, among other things, ensure that resources allocated for the support of the sector were properly and judiciously utilised.
Ogunleye, who is also the Chairman of the council said, “The Lagos State Council on MSMEs will be a platform for implementing the five critical policy priorities of the national policy.
“Enabling a regulatory environment that supports MSMEs; fostering MSME growth and profitability by promoting clusters; facilitating business support services and creating demand for MSMEs’ products and services; improving access to financial support for MSMEs; raising broad-based awareness and appreciation for entrepreneurship.”