LAGOS, AUGUST 29, 2017 – The Lagos State Government says it has disbursed N4.5bn to 5,527 Medium Small Manufacturing Enterprises (MSMEs) through the state Employment Trust Fund (LSSTF) in the last one year.
Governor Akinwunmi Ambode stated this on Monday at the opening of the 2nd edition of Micro, Small and Medium Enterprises Exclusive Fair, with the theme, ‘Unleashing the Potential of MSMEs for Economic Diversification.’
The governor, who was represented at the event by the Secretary to the State Government, Mr. Tunji Bello, added that the LSSTF in partnership with the UNDP and private sector employers would soon train 16,000 unemployed Lagosians to take up technical and vocational jobs.
“The state government will soon start an innovation-driven enterprise framework to support business start-ups in the fourth quarter of this year,” Amboded said.
He reiterated the commitment of his administration to implement enterprise-friendly policies and develop the critical infrastructure that would enhance productivity in the state.
He said everyone must look inwards and develop the internal and external capacities of the local non-oil MSMEs for steady growth.
The governor observed that despite the contributions of the MSME sector to the Lagos economy, the sector’s competitiveness was weakened by limited access to credible support and inability to penetrate local and expanded markets.
He pointed out that there was the need to build strong public-private support systems that would enhance the capacity of the MSME sector for economic diversification.
The Commissioner for Commerce, Industry and Cooperative, Rotimi Oguleye, noted that Lagos State was the largest hub of MSMEs and the economic nerve-centre of Nigeria accounting for 3,224,324 micro and over 11,663 small and medium enterprises.