The Lagos State Government has restated its strong dedication to backing Small and Medium Enterprises (SMEs), highlighting their vital role in stimulating economic growth and generating employment opportunities. Governor Babajide Sanwo-Olu conveyed this message during the annual Lagos SME Conference, which took place at the Eko Hotel and Suites on Wednesday.
Governor Sanwo-Olu emphasized the different initiatives and programs aimed at empowering small and medium enterprises, enhancing their financial access, and boosting their operational capabilities in his keynote speech. He stressed the state’s commitment to creating a favorable business environment conducive to the success of SMEs.
“Small and Medium Enterprises are the backbone of our economy,” Governor Sanwo-Olu said. “Our administration is committed to ensuring that SMEs receive the necessary support to overcome challenges and reach their full potential. We recognize their significant contribution to job creation and economic diversification.”
The state government has launched several initiatives to support SMEs, including the Lagos State Employment Trust Fund (LSETF), which provides loans and grants to small businesses. Additionally, the Lagos Innovates program offers resources and mentorship to tech startups, while various training programs aim to build the capacity of SME operators.
“Our goal is to create an ecosystem where SMEs can grow and compete effectively, both locally and internationally,” said Mrs. Lola Akande, Commissioner for Commerce, Industry, and Cooperatives. “We are working tirelessly to remove barriers to growth and provide the necessary infrastructure and regulatory support.”
At the conference, several SME owners shared their success stories and the impact of government support on their businesses. Many expressed appreciation for the state’s efforts and called for continuous engagement to address ongoing challenges such as access to finance, regulatory bottlenecks, and infrastructure deficits.
“The support from the Lagos State Government has been instrumental in scaling our business,” said Adebola Ogunleye, founder of a Lagos-based fashion startup. “The loans and training programs have enabled us to expand our operations and improve our product offerings.”
Despite the positive feedback, some SME operators highlighted areas needing further improvement. Issues such as high taxes, inconsistent power supply, and limited access to affordable finance were common concerns among business owners.
In response, Governor Sanwo-Olu assured the audience that the government is aware of these challenges and is actively working to address them. He mentioned ongoing efforts to improve the power infrastructure, streamline regulatory processes, and enhance the overall ease of doing business in Lagos.
“We are committed to creating a business-friendly environment,” Governor Sanwo-Olu added. “Our administration is continuously exploring innovative solutions to support SMEs and ensure their sustainability. We value the input from our business community and will continue to engage with them to find practical solutions to their challenges.”
The Lagos SME Conference also featured panel discussions, workshops, and networking opportunities, providing a platform for SME operators to connect with industry experts, financial institutions, and government officials. The event emphasized the importance of collaboration between the public and private sectors in driving economic growth.
As Lagos State continues to champion the cause of SMEs, the focus remains on creating an enabling environment that supports innovation, growth, and sustainability. The government’s ongoing efforts aim to ensure that SMEs can play their pivotal role in shaping the future of Lagos’ economy.
