President Bola Tinubu has reaffirmed his administration’s dedication to providing crucial support for Micro, Small, and Medium Enterprises (MSMEs) to help them realize their full potential and ensure their sustained success. This commitment was reiterated during the 2023 Edition of the Lagos International Trade Fair (LITF) organised by the Lagos Chamber of Commerce and Industry (LCCI) in Lagos.
Under the theme, “Connecting Businesses, Creating Value,” President Tinubu, represented by Mrs. Lucia Shittu, Chief Executive Officer of the Tafawa Balewa Square Management Board (TBSMB), acknowledged the pivotal role that MSMEs play in the Nigerian economy. He underscored the government’s responsibility to bolster these enterprises, given their fundamental significance to economic prosperity.
Tinubu stated, “It is our duty to provide them with the necessary support and resources they need to flourish. We would continue to create policies, provide access to finance, and capacity-building initiatives that will empower these enterprises to reach new heights of success.”
Emphasising the need for MSMEs to embrace technology, innovation, and adapt to evolving consumer demands, President Tinubu envisioned Nigerian MSMEs as leaders and innovators, not just participants in the global marketplace. He encouraged them to forge ahead with determination and a shared vision for a more prominent role on the world stage.
In his remarks, Governor of Lagos, Mr. Babajide Sanwo-Olu, highlighted the significance of businesses connecting, emphasising that no business organisation can thrive in isolation. The fair offered a valuable platform for businesses to showcase their products and services, expand their networks, and seize fresh opportunities for growth and collaboration.
Sanwo-olu, represented by Commissioner of the Lagos State Ministry of Commerce, Industry, and Cooperative, Mrs. Folashade Ambrose-Medem, emphasised that the event was a transformative opportunity that would further develop the investment ecosystem and enhance competitive investment opportunities in Nigeria.
Governor Sanwo-olu recognised the potential within the youth population, considering it a tremendous asset for the state and the nation as a whole. He emphasised the need for a different approach to attract potential investors, both within Lagos and across the country, in support of a conducive business environment.
Dr. Michael Olawale-Cole, President of LCCI, highlighted the LITF’s historical significance in Nigeria’s economic landscape and its growing importance on the African continent. He recognized the challenges faced by Nigeria’s economy amid global economic shocks and geopolitical uncertainties, calling upon the business community to address these challenges with innovative solutions and a focus on economic growth.
The theme of this year’s fair, “Navigating Economic Challenges,” encapsulates the Nigerian business community’s determination to overcome hurdles, strive for progress, and explore new opportunities. Dr. Olawale-Cole encouraged all stakeholders to harness the power of innovation and collaboration to pave the way for prosperity and inclusive growth in a changing economic landscape.