Stakeholders have advocated for the formulation and execution of comprehensive policies designed to stimulate the growth of small and medium-sized enterprises.

They emphasised the need to create an enabling environment that supports the expansion of SMEs into robust, competitive, and sustainable ventures.

The call was made at the Masterpiece Resource Development Centre Annual Entrepreneurs Conference and Trade Expo 2024, themed ‘Power Up from Challenges to Opportunities’, held recently in Lagos.

Speaking at the event, the Lagos State Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose-Medebem, represented by the Director of the Ministry of Commerce, Osef Aitebi, emphasised the role of SMEs in the state’s economy.

Ambrose-Medebem reiterated the Lagos State Government’s dedication to fostering public-private partnerships to bolster the retail sector, emphasising that such collaborations “build a stronger and more resilient retail ecosystem.

Also, the Founder of Masterpiece Resource and Development Centre and Convener of the Trade Expo, Modupe Oyekunle, emphasised the need for resilience amidst the ongoing economic challenges facing the country cannot be overstated.

Oyekunle said, “Businesses must remain steadfast and adapt to the ever-evolving landscape, particularly considering the current economic crisis.

“Confronting and overcoming the significant barriers that hinder growth and progress is paramount. It is through determination and strategic effort that businesses can navigate the prevailing economic woes and achieve sustainable success.”

On her part, the Chief Executive Officer, Ruff N’ Tumbles, Adenike Ogunlesi, encouraged young entrepreneurs to rise above the various challenges they face while running a business, despite the current economic difficulties in the country.

She emphasised the importance of maintaining a positive outlook and persistence, even in the face of adversity.

Ogunlesi also advised the entrepreneurs not to underestimate the value of starting small, urging them to see it as a foundational step towards greater success.

“The journey of entrepreneurship is a gradual process, and each small beginning can eventually lead to significant achievements with determination and hard work,” she added.