Business

Lagos To Leverage On Development Partners Support To Boost MSMEs

The Lagos State Government has expressed its readiness to leverage the support of multilateral Development Agencies to boost the capacity and production of Micro, Small and Medium Enterprises (MSMEs) in the State.

The Special Adviser to Governor Babajide Sanwo-Olu on Commerce, Industry and Cooperatives (MCIC), Engr. Abiola Olowu made this known during a courtesy visit by the Chairperson of LAMID Consulting, Mrs. Maureen Akintayo to the Ministry on Friday.

According to the Special Adviser, Governor Babajide Sanwo-Olu’s administration has done so much to improve the lot of MSMEs by providing enabling environment, facilitating accessible finance and exposure to the global market through the organisation of exclusive fairs and exhibitions, among others.

His words: “All the support and interventions have helped to empower MSMEs to remain productive, generate wealth and contribute to the economic development of the State in line with the T.H.E.M.E.S Development Agenda of the administration”.

Speaking further, Olowu said in spite of all that the administration has done, power remains a challenge for the MSMEs as the cost of providing energy for their businesses is eating deep into their finances.

“The administration of Governor Sanwo-Olu has identified the energy gap and it is working to assist the MSMEs through a pilot scheme aimed at generating captive energy at selected industrial clusters. As a Ministry, we are also interested in working with Development Partners towards adopting sustainable and renewable energy for the clusters”, he said.

Olowu charged the Consultant to work with the Ministry to develop plans with which the Development Partners can be on-boarded to support the Ministry in achieving its mandate, particularly towards the MSMEs.

Also speaking during the visit, Permanent Secretary, MCIC, Mrs. Adetutu Ososanya said: “Our MSMEs need to be developed to know their onions. They need to be original in their productivity and branding to earn patronage for their goods and refrain from using foreign brand names on their products as that will amount to counterfeiting”.

She said the move by the administration to facilitate a stable power supply to industrial clusters will impact greatly their production capacity and their eventual turnover.

Earlier in her remarks, Chairperson, LAMID Consulting, Mrs. Maureen Akintayo highlighted how the Ministry can leverage the support of Development Partners to achieve its mandate of supporting MSMEs.

“The Ministry needs to develop a framework of where it is, where it is going and the requirements for getting to the anticipated destination. Power, climate change and sustainable energy are one of the topmost projects for Development Partners and the Ministry can get the required assistance to co-locate energy plants with industrial clusters”, she said.

Akintayo also promised to work with the Ministry to develop the relevant framework with which it can access the needed support.

During the visit, all Departments in the Ministry made presentations on their programmes targeted at supporting the MSMEs and other stakeholders in the State.

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