TheCable

Babajide Sanwo-Olu, governor of Lagos, has urged micro, small and medium enterprises (MSMEs) to embrace digitalisation to maximise the advantages of the African Continental Free Trade Area (AfCFTA) agreement.

Sanwo-Olu said at the opening ceremony of the 7th edition of MSME Exclusive Fair on Tuesday in Lagos.

The governor, represented by Folashade Jaji, secretary to the state government, noted that the state recognises the various contributions of the MSMEs sector to national development. 

“I am delighted to note the milestone that has been achieved over the last six years by participation; as a result of this intervention programme which is aimed at providing a platform for MSMEs,” Sanwo-Olu said.

“It provides a platform to showcase their products and attracts the desired patronages.”

The governor said the theme of the fair was apt because the AfCFTA agreement was expected to bring huge gains to the MSMEs in Nigeria.

“The theme of this fair, Sustainability of MSMEs on AFCFTA Opportunities for Global and Digitalised Economy is apt because the AFCFTA is expected to bring huge gains to MSMEs in Nigeria,” he added.

“AFCFTA agreement can play the role of unlocking innovation, growth and productivity across the continent but significantly for its MSMEs segment by translating spending power to economic development.

“This is particularly important when we consider that MSMEs represent about 90 per cent of business and more than 50 per cent of employment worldwide.

“In our country, the contributions of MSMEs to the economy are even more significant as they represent about 96 per cent of businesses and contribute 75 per cent to national employment.

“As a result of the improved integration of economic and fiscal policies, as well as the breaking down of barriers which pose serious challenges to trade among countries on the continent, the agreement will open a new vista of opportunities through greater access to a new market and results in higher demand for goods and services will trigger increased manufacturing capacity.”

The governor said Lagos is designing and implementing policies and programmes that will accelerate the actualisation of sustainable trade and economic development.