FG Promises Policies to Empower SMEs, Says they’re Lifeblood of Our Economy

Dike  Onwuamaeze

The federal government has promised to enunciate policies that would strengthen the Small and Medium Enterprises (SMEs), which it describes as the lifeblood of the Nigerian economy.

The government made this promise yesterday at the opening ceremony of the 37th edition of the 2023 Lagos International Trade Fair (LITF), which is being organised by the Lagos Chamber of Commerce and Industry (LCCI) at the Tafawa Balewa Square, Lagos Island, with the theme: ‘Navigating Economic Challenges: Forging a Path to Prosperity’.

The trade fair would run till November 12, 2023.

In his keynote address at the LITF, President Bola Ahmed Tinubu, who was represented by the Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, said that “the SMEs are the lifeblood of our economy. They are the engines that power our growth and innovation. It is our duty to provide them with the necessary support and assistance they need to flourish and grow.”

Tinubu said that “through targeted policies, access to finance and capacity building initiative, we will empower these enterprises to reach new heights of success. One of these initiatives is the Presidential Conditional Grants and Loan scheme.”

He said that the LITF has long been a beacon of opportunity and a platform where businesses from around the globe converge to forge partnerships to exchange ideas and to unlock the full potentials of our economy.

Alluding to the motto of the fair, which is ‘Connecting Businesses, Creating Value’, Tinubu said that connectivity is the key in today’s globalised world. “It is through forging meaningful connections that businesses thrive.

“We stand on the precipice of a new era where innovation and technology are driving transformation at unprecedented pace.

As we navigate this uncharted waters, it is imperative that we stand united leveraging on our collective strength to build a prosperous future.

“Value creation is a cornerstone of sustainable growth. It is not only about profit margins. But about the positive impact we need in our communities, our nation and the world,” he said.

Uzoka-Anite was represented at the trade fair by the Managing Director/CEO of TBS Management Board, Ms. Lucia Shittu.

The Governor of Lagos State, Mr. Babajide Sanwo-Olu, expressed delight in his goodwill about the motto of this year’s fair: “Connecting Businesses, Creating Value,” which emphasised the many benefits would accrue when businesses connect because no business organisation could survive on its own.

Sanwo-Olu said: “Through the 37th edition of LITF, the LCCI is providing another huge 10-day window for businesses to showcase their products and services, gain great marketing mileage and fresh opportunity for networking with other businesses.

“The platform is timely, very strategic, and transformative as it will further build the investment ecosystems to support more competitive investment opportunities in Nigeria.”

Speaking in his welcome address, the President of LCCI, Dr. Michael Olawale-Cole, said that the fair is being organised at another critical juncture in Nigeria’s economic history, when businesses are facing substantial challenges while holding immense potential for growth and prosperity.

He said: “As we gather here, we must acknowledge the challenging economic environment that our great nation, Nigeria, has been facing in recent times. Though some are necessary, these challenges have tested our resilience and have called for innovative solutions to foster economic growth and prosperity for our nation and for our people.”  

According to him, the theme for this year’s trade fair reflected “the reality we face and in a different sense underscores the determination of the Nigerian business community to overcome its many hurdles of existence, survival, and growth.”  

The Ambassador of Japan to Nigeria, Mr. Kazuyoshi Matsunaga, said that the international community is now paying close attention to the economic potentials of Nigeria more than ever, adding that trade and investment would play an indispensable role in achieving the economic growth in Nigeria

Matsunaga said: “Lagos is the most exciting commercial hub of Nigeria; Nigeria is the most robust economic hub in Africa; and Africa is and will be the hub of international trade and investment. This Trade Fair exemplifies such strong ties between Lagos, Nigeria and the international communities.  

“Today, 33 Japanese companies are exhibiting their ‘Made in Japan’ products and technologies in the Japan Pavilion at this trade fair.

“This clearly demonstrates that Japanese businesses are beginning to see Nigeria as their place to be.

“Japan is here to work with Nigeria to contribute to the economic diversification in Nigeria and to its future growth.”