Article Summary
- Lagos State commits to collaborating with development partners to foster the growth of SME hubs, aiming to strengthen exports, create jobs, and reduce poverty.
- The Permanent Secretary of the Ministry of Commerce, Industry and Cooperatives, Mrs. Adetutu Ososanya, emphasized this at the Equipment and Manufacturing West Africa 2023 Conference.
- The event, held in partnership with the Nigerian-Indonesian Chamber of Commerce and Industry, focused on “Reigniting Manufacturing to Drive Economic Growth and Development.”
The government of Lagos State has expressed its commitment to collaborate with development partners in fostering the expansion of small and medium-sized industrial hubs within the state’s enterprise zones.
The Permanent Secretary of the Ministry of Commerce, Industry and Cooperatives, Lagos, Mrs. Adetutu Ososanya, made this known at the Equipment and Manufacturing West Africa 2023 Conference on Wednesday in Lagos.
The event organized in collaboration with the Nigerian-Indonesian Chamber of Commerce and Industry had its theme “Reigniting Manufacturing to Drive Economic Growth and Development”.
Encouraging partnerships
She stated that through the Ministry of Commerce, Industry and Cooperatives and related MDAs, the state was therefore also facilitating the support of multilateral partners and organizations for the Micro Small, and Medium Enterprises (MSME) for increased economic production and export. Partnership and collaboration between the public and private sectors would also be strengthened.
In addressing the event’s theme, Ososanya stated that it was very relevant to the country’s quest for economic recovery and national growth.
Strengthening exports
She noted that for a long time, Nigeria’s domestic productive capabilities were overlooked in favor of imports, despite the fact that a vibrant manufacturing sector and volume of exports were critical to the country’s economic development.
Prioritizing labor
Lagos state would also prioritize labor to encourage investments in the state and continue to strengthen the coordination and implementation of its economic policies.
According to her, if all this is achieved it would lead to more production, and create more jobs, which in turn would generate more money causing a significant decrease in poverty, and an increase in the state’s Gross Domestic Product (GDP).
What she said
- “The industrial, commercial, and economic capital of Nigeria, Lagos State, under the energetic leadership of Mr. Governor, Babajide Sanwo-Olu, is committed to ensuring the sustainability and further growth of the state’s industrial sector.
- “The administration is not giving up on its quest to build a globally competitive economy, in fact, it is putting its skin into it.
- “Of recent, the state is paying more attention to its industrial estates, hubs, and enterprise zones to support and strengthen the operations of MSMEs, which are the backbone and bedrock of sustainable development in most global economies”.
- “In addition to the ongoing reorganisation of the state’s existing Small Scale Industrial Estates that are situated in various commercial axis of the state; it is also working at the completion of the ongoing one situated at Imota area and this is near the completion stage,” she said.
- “The time for the Nigerian Government and Nigerians to support and further develop the manufacturing potentials of our Nation bearing in mind that we are blessed with a very vibrant, and dynamic population and resources is now.
- “Therefore, many of our challenges today, whether relating to poverty, unemployment, or underemployment, to mention but a few, are rooted in the fact that we have not been able to domesticate the production of our most basic needs.
The impact of the manufacturing sector
Ososanya also spoke on the impact of the manufacturing sector:
- “There is no doubt that the only way to drive sustainable economic growth and development is to reignite the manufacturing sector.
- “Manufacturing opens up employment opportunities, supports agriculture, diversifies the economy, and increases the country’s foreign exchange earnings to mention few.
- “Hence, the need to instigate forward movement in the sector through cutting-edge technology, effective and efficient production processes and management, and a vibrant skilled and unskilled workforce amongst others,” she said.
Ososanya also commended the valuable role of the Organized Private Sector in ensuring that the manufacturing sector continues to thrive in spite of the harsh operating environment.
She assured that the Lagos State Government would continue to evolve sound policies to provide the much-needed roadmap and support for the journey to economic recovery and prosperity.
