President Muhammadu Buhari and Lagos State governor, Mr. Babajide Sanwoolu, have reiterated their administrations’ commitment to supporting local brands, especially Medium and Small Scale Enterprises (MSMEs), adding that such support had become imperative, if the nation’s economy was to get a new lease of life.
Buhari, who gave the assurance, at the just-concluded Lagos International Trade Fair, organized by the Lagos Chamber of Commerce and Industry (LCCI), in Lagos, expressed the belief that strengthening such small businesses in the country, would, without doubt, lead to greater utilisation of local raw materials, employment generation, encouragement of rural development and capacity building of entrepreneurs.
Kehinde of the Lijadu sisters fame dies in US at 71
The president, who was represented by the Minister of State of Industry, Trade and Investment, Ambassador Maryam Katagum, stated that his government would be undeterred in ensuring that local businesses were strengthened, to enable it achieve its mission of alleviating the economic plight of Nigerians.
“The vast majority of the developing and developed countries rely mostly on the dynamism, resourcefulness and risk- taking of the small enterprises, to kick start a bankable process of sustained economic growth,” the president stated.
He noted that the economic focus of his administration is to diversify from a mono product economy with special focus on non-oil sector using the private sector as an arrow head.
Speaking also at the event, Lagos State governor, Babajide Sanwoolu, stated that the state’s commitment to promoting and connecting businesses across transnational borders remains strong and unshaken.
Sanwoolu, who was represented by the state’s Deputy Governor, Dr. Obafemi Hamzat, also expressed the state government’s desire at ensuring that the state truly becomes a 21st Century economy.
“The 21st century economy actively supports the growth of the local economy through improved ease of doing business, innovative incentives and interventions as well as quality service delivery by a well-motivated public service,” he said.
The president, Lagos Chambers of Commerce and Industry, Mr. Babatunde Ruwase, stressed the need for governments, at all tiers, to come up with the right policies, and be committed to infrastructural development, so as to revive the waning confidence of investors in the nation’s economy.
Ruwase added that the policies must be friendly and supportive to local brands, especially medium and small scale
enterprises.