Lagos Govt Says Re-organisation of Industrial Hubs Will Strengthen MSMEs

Lagos State Government has assured that the ongoing reorganisation of the State-owned industrial hubs will strengthen operations of Micro Small and Medium Enterprises (MSMEs).

Permanent Secretary, Ministry of Commerce, Industry and Cooperatives, Mrs. Adetutu Ososanya, FCA, gave the assurance at the Breakfast Meeting and Exhibition organised by the Nigerian Indonesia Chamber of Commerce and Industry (NICCI), in partnership with Equipment Manufacturing West Africa (EMWA) Expo and Zenith Exhibitions themed: “Reigniting Manufacturing to Drive Economic Growth and Development”, at Landmark Event Centre, Victoria Island, Lagos.

Ososanya stated that Lagos is paying more attention to its Industrial Estates, Hubs and Enterprise Zones to support and strengthen the operations of Micro Small and Medium Enterprises (MSMEs), which are the backbone and bedrock of sustainable development in most global economies.

She said: “In addition to the ongoing reorganisation of the State’s existing Small Scale Industrial Estates that are situated in various commercial axis of the State; Governor Babajide Sanwo-Olu’s administration is also working to complete a new Industrial Estate located at Imota LCDA”.

The Permanent Secretary said the Government is open to receiving Development Partners who are willing to work with the State Government in the development of more small and medium-scale industrial hubs for increased economic production and export within the available Enterprise Zones in various parts of the State.

“This will further boost MSMEs production capacity, create employment, generate more income, lead to an appreciable reduction in poverty and increase the State’s Gross Domestic Product (GDP)”, she said.

President of the Nigerian Indonesia Chamber of Commerce and Industry, Mr. Ismaeel Balogun described the Breakfast Meeting/Exhibition as a major platform to bring industrialists and equipment manufacturers together under one roof.

“There is no doubt that equipment is critical to industrialisation and has the potential to reignite manufacturing that will drive economic growth and development. This meeting is to further turn our attention to the need to focus more on manufacturing as a way out of the current national underdevelopment and economic challenges”.

Chief Executive Officer, C&I Leasing, Mr. Ugoji Lenin Ugoji called for the domestication of policies and the need to make them practical by focusing on areas where the nation has a comparative advantage to make locally made products competitive.

He identified policy and credit as very critical factors in reigniting manufacturing, charging NICCI to source for partners to help drive their adoption at a high strategic level.