Sanwo-Olu, minister seek implementation of SMEs-enabled policies

Lagos State governor, Babajide Sanwo-Olu, and Jumoke Oduwole, Minister of Industry, Trade and Investment, have sought effective implementation of Small and Medium Enterprises (SMEs)-enabled policies to bolster the nation’s economy.

The duo spoke at the 16th meeting of the National Council on Industry, Trade and Investment, organised by the Federal Ministry of Industry, Trade and Investment and hosted by the Lagos State government, with the theme ‘Accelerating diversification by leveraging industry, trade, and investment for shared prosperity.’

Governor Sanwo-Olu, represented by the permanent secretary, Lagos State Ministry of Cooperatives, Commerce, Trade and Investment, said several suggestions and policies have been formulated from the 1st edition of the meeting of the council to the 15th edition, but noted that now is the time to implement these policies to rebuild the economy.

According to him, through collaboration, innovation and strategic partnerships between states and the federal government, Nigeria can rebuild and accelerate its journey towards shared prosperity in diversifying its economy from oil and developing its local manufacturing sector.

“Let us transform the brilliant ideas and resolutions crafted here into tangible actions that will impact the lives of our citizens. The journey towards a diversified and prosperous economy requires more than policy declarations; it demands relentless implementation, measurable outcomes, and unwavering accountability.’ Sanwo-Olu said.

He noted that Lagos State under his administration has provided a conducive environment for businesses to thrive, for investments to flourish, and for innovation to take root adding that the state will continue to be at the forefront of transforming Nigeria as a hub for manufacturing, and a leader in intra-African trade under the African Continental Free Trade Area Agreement, and a prime destination for sustainable investments.

On her part, Jumoke Oduwole said the Federal Government has been making efforts to stabilise the economy in the last two years.

She noted further that policies have been enunciated to diversify the economy from over-reliance on oil to non-oil products.

“Our economy relies on a single economy, but the president is tackling it. We have seen so many opportunities and manufacturing potential that can be unlocked. At the ministry, we are working to lay the foundation for our economic diversification.”

“Diversification is a national project that demands alignment with states, it is not for the federal government alone. Let us change a resilient Nigerian economy,” she added