Lagos State Governor, Mr Babajide Sanwo-Olu, affirms commitment to bolster Micro, Small, and Medium Enterprises (MSMEs), enabling them to leverage the Africa Continental Free Trade Area (AfCFTA).
Addressing participants at the 8th Lagos State MSMES Exclusive Trade Fair in Ikoyi, the Governor highlighted plans to provide a platform and equip MSMEs with requisite skills to enhance their capacity for stimulating trade within Africa.
This annual fair serves as a vital avenue for Lagos MSMEs to exhibit their offerings to a broader audience within the state and across Nigeria.
Governor Sanwo-Olu, represented by his Deputy, Dr Kadri Obafemi Hamzat, emphasized the State’s commitment to AfCFTA objectives. He disclosed the establishment of a Technical Working Group on AfCFTA comprising representatives from public and private sectors, aiming to tap into the diversification and value chain opportunities inherent in the Agreement.
Under the theme, “Empowering MSMEs for AfCFTA Excellence through Sustainable Economic Growth,” this year’s fair aims to identify new prospects for diversification and value chain development embedded within the Agreement.
The Governor emphasized the critical role of the MSME sector, highlighting its significant contribution to economic growth, job creation, and GDP. He noted that in developed and developing nations, the MSME sector constitutes a substantial portion of the economy, generating a significant portion of GDP and providing employment for a substantial percentage of the workforce.
Governor Sanwo-Olu underscored the importance of empowering MSMEs, recognizing their potential as a major economic catalyst for Lagos State and Africa at large.
