Lagos State has reiterated its commitment to strengthening Micro, Small and Medium Enterprises to drive economic growth, restating that small businesses remain central to the state’s development agenda and overall productivity. The declaration was made at the opening of the first Lagos MSMEs Exclusive and Eko Roundcity Trade Fair held at the National Stadium in Surulere.
Represented at the event by the House Committee on Commerce, Cooperative, Trade and Investment, the governor said MSMEs continue to power Lagos’ economic engine, noting that the state accounts for an estimated 30 to 35 percent of Nigeria’s Gross Domestic Product and commands a market valued at about $259 billion. The state acknowledged the role of local traders in major markets, fashion creators in key districts, tech founders in emerging hubs, agro processors on the outskirts, and thousands of artisans and professionals whose daily labour keeps Lagos thriving and competitive for investment.
Support for MSMEs, according to the governor, is not a side initiative but a core pillar of governance. He noted that at least 3,000 enterprises across the state will be able to showcase at the ongoing fair. Through the Lagos State Employment Trust Fund, more than 40,000 MSMEs have reportedly received financial support, leading to an estimated 200,000 direct and indirect jobs.
In her remarks, the Commissioner for Commerce, Cooperative, Trade and Investment said Lagos remains the commercial heartbeat of Nigeria with over 20 million residents and thousands of active enterprises contributing to the national GDP. She highlighted that the state has invested in market development, industrial hubs, enterprise support programmes and business reforms to expand market access for small businesses.
The commissioner described the Fair as a platform that allows artisans, petty traders, informal-sector players, and MSMEs to display products, build capacity, expand networks and scale revenue, stressing that visibility for grassroots enterprises will strengthen local production and reduce dependence on imported goods. She appreciated the support of four participating local governments for their contribution to the initiative and said the idea of a Roundcity marketplace mirrors Lagos’ drive for inclusive commerce that connects diverse communities into one economic corridor.
The keynote speaker urged entrepreneurs to strengthen their mindset, develop relevant skills and build resilience in a volatile business environment, adding that enterprise success depends on innovation and adaptability. The Chairman of the Fair described the event as a bridge between government and the grassroots, adding that it signals a new phase of empowerment for small businesses and stands as a marketplace of creativity, ideas and opportunity.
The Eko Roundcity Trade Fair is being positioned as more than an exhibition, but an emerging institution expected to enable collaboration, stimulate enterprise growth and widen commercial opportunities for MSMEs.
