Lagos State Government will be pursing a private sector finance to provide incentives to local manufacturers and Small and Medium Enterprises (SMEs) operating within the State.
The move is to empower more start-ups and local manufacturers, by helping them to access markets and create values for their locally produced products.
Governor Babajide Sanwo-Olu disclosed this on Monday while on a visit to the venue of the ongoing International Trade Fair organised by the Lagos State Chamber of Commerce and Industry (LCCI).
The Governor said creating a sustainable financing and market opportunities for SMEs would complement his administration’s drive to grow the State’s economy, adding that giving incentives would catalyse the local market and encourage manufacturers.
He said: “My presence at this Trade Fair is to encourage a lot of our SMEs that have come here to display their wares. This is real governance and collaboration in action. Having gone round the pavilions, I realise we need to upscale this and give more start-ups opportunities.
“We need to come to terms with the challenges our young and upcoming manufacturers are facing in accessing markets to sell their products. This is the idea behind this Trade Fair, to interface with market and give users a new lease of experience in various products. This also demonstrates the can-do spirit of Nigerians. We need to look for international finance that can be leveraged by SMEs to make this bigger.”
Sanwo-Olu praised LCCI for keeping faith in the ability of local manufacturers, observing that Government would also be considering provision of permanent site for Trade Fair show to ease operational challenges for the organisers.
“We will see, over the next couple of years, how we can get a permanent site for Trade Fair, so that we don’t need to re-invent the wheels every year,” the Governor said.
While declaring intercultural textiles business open at the Fair, Sanwo-Olu harped on the need to integrate Nigerian textile products into Chinese market. This way, the Governor said trade relations between the two countries would be further strengthened.