engage more with requisite industry, impart skills and competencies, conduct research aimed at helping the MSMEs.
Sanwo-Olu made the remarks as the Chairperson of the second research fair of
Lagos State University (LASU), Ojo on Tuesday in Lagos.
The Newsmen reports that the theme of the research fair was: “Innovative Products and Designs for Micro, Small, Medium Scale Enterprises” (MSMEs).
She said that the MSMEs sector required innovative solutions and services as well as new ways of working, and newer products to enable them to meet needs and grow the GDP of the country
“The theme of this year’s fair is very appropriate, in the global economy, there are indeed global brands and large conglomerates, but they are not the engine rooms of national development.
“The catalysts of national development are the MSMEs which contribute as much as 48 percent of Gross Domestic Product (GDP) in Nigeria.
“The MSMEs sector is large and covers manufacturing, construction, agriculture, accommodation, and food services to mention but a few.
“It should be noted that a significant proportion of operators in the sector are women.
“These entrepreneurs are working hard to provide for their families and make Nigeria better,” Sanwo-Olu said.
She said that as part of measures to enhance the profitability of MSMEs in line with the vision of the present administration of Gov. Babajide Olusola Sanwo-Olu.
“The Lagos State Government launched its MSME hub and hosted the fifth edition of the Micro Small and Medium Scale Enterprises (MSMEs) Exclusive Fair.
“The fair was designed to equip the MSMEs with the survival strategies to beat the odds thrown up by the unanticipated and unexpected crisis brought about by the COVID-19 pandemic.
“According to a 2013 survey by the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), there were 37,067,416 MSMEs in the country.
“Disaggregation indicates that 36,994,578 representing 99.8 percent were micro-scale enterprises with employees less than 10 and capital of less than N10 million.
“While small scale enterprises were 68, 168 representing 0.18 percent with staff strength of 10 to 49 and capital of between 10million to 99million naira,” Sanwo-Olu said.
She also added that In Lagos State, 11,663 small scale enterprises were representing 17 percent, and 3, 224,324 micro-scale enterprises representing 8.7 percent, which were the highest in the country.
“This goes without saying that whatever we do to improve MSMEs in Lagos will definitely have a huge impact on the entire nation.
“It is clear that any entrepreneurial activity towards improving the MSMEs sector will have a multiplier effect on job creation, security, income, and wealth.
“Therefore, the theme of the research fair is a testimony and commitment of LASU to contribute meaningfully to the THEMES Agenda of our dear State and to improve the lives of Lagosians,” Sanwo-Olu said.
