Lagos State Governor, Mr Babajide Sanwo-Olu, has reiterated that empowering Micro, Small and Medium Enterprises (MSMEs) remains a critical pillar of his administration’s development blueprint, stressing that the sector is central to productivity, job creation and long-term economic stability.
Speaking through the Chairman, House Committee on Commerce, Cooperative, Trade and Investment, Hon. Abiodun Tobun, at the opening of the maiden Lagos MSMEs Exclusive and Eko Roundcity Trade Fair at the National Stadium, Surulere, Sanwo-Olu said the role of MSMEs in the state’s economic growth “cannot be overstated.”
He noted that Lagos, responsible for 30 to 35 per cent of Nigeria’s Gross Domestic Product (GDP) and valued at an estimated $259 billion, heavily depends on the daily output of thousands of small businesses across its markets, industrial clusters and creative hubs.
The governor highlighted the contributions of local traders in Balogun and Alaba, fashion designers in Surulere and Yaba, tech innovators in Lekki and Ikeja, agro processors in Epe and Ikorodu, as well as numerous artisans and professionals whose work sustains Lagos’ competitive edge.
“This is why my administration considers support for MSMEs not as a side programme, but as a central pillar of our development agenda. We are renewing a clear commitment to those who keep the Lagos economy moving, the thousands of small businesses that create value in every street, market and industrial cluster across our State,” Sanwo-Olu said.
Sanwo-Olu added that the Trade Fair offers an opportunity for more than 3,000 MSMEs to showcase their products and services, expand their markets and gain visibility.
He disclosed that through the Lagos State Employment Trust Fund (LSETF), about 40,000 MSMEs have so far received financial support, while approximately 200,000 direct and indirect jobs have been created since the initiative began.
Commissioner for Commerce, Cooperative, Trade and Investment, Folasade Bada Ambrose, said the business community remains the “engine” of Nigeria’s commercial growth, noting that Lagos, with over 20 million residents and thousands of enterprises, is sustaining reforms that enhance market access for MSMEs.
She said the state has invested in market development, industrial hubs, enterprise support programmes and initiatives promoting local production to reduce dependence on imports.
According to her, the fair will empower artisans, petty traders, informal-sector players and micro-business owners to scale their enterprises through increased exposure, capacity building and stronger commercial linkages.
Chairman of the Fair, Fuad Oki, described the initiative as a bridge between government and the grassroots, saying it “marks a new chapter of empowerment for small businesses” and showcases what partnership and shared purpose can achieve.
