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Lagos commissioner lauds roles of MSMEs in economic development

Lagos State Commissioner for Commerce, Industry and Cooperatives, Mrs. Olayinka Oladunjoye has described Lagos Entrepreneurs and owners of Micro, Small and Medium Enterprises (MSMEs) as catalysts of socio-economic change responsible for formal employment generation, wealth creation, value addition, innovation, income generation and economic growth of the State and other developing economies of the world.

The Commissioner stated this on Wednesday at an event organised to mark the 2018 World Micro, Small and Medium Enterprise (MSME) Day, set aside by the United Nations (UN) General Assembly’s Resolution of April 6, 2017 to recognize the roles of MSMEs in global economic development.

She said that the sub-sector, which is predominantly made up of active women and youth population, is responsible for improved livelihoods, communities and economies globally.

Speaking on the theme of this year’s celebration, “The Youth Dimension”, the Commissioner said that more advocacies would be raised about the importance of MSMEs in youth employment, youth entrepreneurship, as well as youth employability skill development.

“The Lagos State Government, as a proactive pace-setter and responsible stakeholder in MSME development, aligns with this year’s theme and will continue, more than ever before to promote skill development amongst young entrepreneurs towards preparing them adequately for the future, while fostering an enabling business environment for entrepreneurship to thrive”, she stated.

The Commissioner added that the present administration has been driving MSME development consciously through initiation and implementation of policies that create and foster a positive business environment, enhance technical and non-technical entrepreneurial skills and improve access to networks and financial services.

She listed some of the few remarkable interventions by the State government in recent years to include the establishment of the Lagos State Employment Trust Fund, that provides loans to MSMEs to the tune of N25 billion at a 5% interest rate spread over 4 years; the Lagos State Micro, Small and Medium Enterprises Exclusive Fair that provides market access, business support, investment-matching and networking platforms freely for exclusively Made-in-Lagos products and services; and the on-going construction of the Imota Light Industrial Estate, Ikorodu aimed at providing workspace and business accommodation for small-scale industrialists in the State.

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