Lagos State Governor, Mr Babajide Sanwo-Olu has announced that the Lagos State Employment Trust Fund (LSETF) has extended support to over 13,000 small and medium-sized enterprises (SMEs) through loans totalling more than N9bn.
Sanwo-Olu made this statement at the 2024 Lagos International Trade Fair organized by the Lagos Chamber of Commerce and Industry (LCCI).
According to the governor, these businesses are essential to driving local innovation, generating employment, and reinforcing economic resilience. In addition to financial support, Lagos State has provided SMEs with training in branding, digital marketing, and other key areas to help them thrive in both local and international markets.
“We are positioning Lagos as a preferred destination for innovation by advancing partnerships with tech hubs, offering incentives for digital startups, and fostering a tech-driven environment,” Sanwo-Olu stated.
The governor highlighted Lagos’s strategic efforts to integrate with the African Continental Free Trade Area (AfCFTA) through the establishment of the Lagos State Technical Working Group on AfCFTA, which aims to enable Lagos-based businesses to leverage trade benefits across the continent.
Initiatives like the Lekki Deep Sea Port, he added, underscore Lagos’s commitment to becoming the commercial gateway of West Africa.
Sanwo-Olu also celebrated the recent graduation of over 5,500 trainees from skill centers across Lagos, noting that the state’s commitment to workforce development is helping to create a 21st-century economy. Through targeted training, mentorship, and incubation programs, Lagos is nurturing a culture of innovation and entrepreneurship that expands the SME sector.
He commended LCCI for creating the Trade Fair platform, which enables local businesses to connect with markets, form partnerships, and access growth opportunities.
The governor emphasized the importance of ongoing engagement with stakeholders through initiatives like the Lagos Corporate Assembly and the Lagos State Council on MSMEs. These forums provide a platform for dialogue between policymakers and the business community, facilitating collaborative solutions to issues critical to business growth and an enabling business environment.
“As we embrace the theme, ‘Connecting Businesses, Creating Value,’ we must remember that building a resilient economy requires the collective effort of every entrepreneur, worker, and citizen of Lagos,” Sanwo-Olu remarked.
He encouraged the business community to seize opportunities at the Trade Fair, urging continued partnership, innovation, and progress toward a shared vision of a prosperous and inclusive Lagos.