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Osinbajo reiterates FG’s commitment to supporting MSMEs

Vice-President Yemi Osinbajo and Lagos State Governor, Mr. Babajide Sanwo-Olu, yesterday commissioned the Eko Micro, Small and Medium Enterprises (MSME) Fashion Hub-1 in Lagos. The MSME Fashion Hub- 1, which is a shared facility in the state under the National MSME Clinic Scheme is situated around Alade Market, off popular Allen Avenue in Ikeja Local Government Area of the state. It is expected to serve 380 Small and Medium Enterprises daily. Speaking during the inauguration of Eko MSME Fashion Hub-1 in Ikeja, Osinbajo and Sanwo-Olu said government at federal and state levels remain committed to promoting and developing small businesses, especially in the areas of skill acquisition.

Osinbajo, who joined the inauguration ceremony virtually from Abuja, reiterated the President Muhammadu Buhari administration’s commitment to supporting the growth and development of MSME during and post COVID-19. The Vice-President who promised to provide two additional MSME Fashion hubs to serve Lagos Central and Lagos East senatorial districts as requested by Governor Sanwo-Olu, said the fashion industry is going to be one of Nigeria’s greatest sources of revenue, bigger than oil in the nearest future.

He said: “MSMEs are the engine for Nigeria’s economy because when they thrive, the country thrives and when they struggle, the country struggles. This is why the Federal Government is committed to creating a conductive environment for MSME to do exceedingly well.” In his address, Sanwo- Olu said Lagos State was committed to ensuring that micro, small and medium enterprises in the State have the necessary leverage for the generation of lasting wealth, noting that they have an indispensable role to play in the growth and sustainability of Lagos State economy and any other economy.

He also acknowledged the contribution of the Organised Private Sector, especially Access Bank led by Mr. Herbert Wigwe, who have partnered both Office of the Vice President and Lagos State, as well as other various Federal Government agencies that have collaborated to make the National MSMEs clinics a success.

He said: “The success of MSMEs in Lagos State translates to the success of small businesses across the entire sub-Saharan of Africa and Africa as a whole. “This shared facility that we are commissioning today and we are handing over to the community today is certainly a step in the right direction.

It is a winwin situation for everybody as it shows our progressive dedication to the eradication of poverty and the economic emancipation of our people.” Also speaking at the ceremony, the Minister of State for Industry Trade and Investment, Ambassador Mariam Katagum, said the shared facility would provide a conducive environment for the SME space. The Managing Director, Access Bank Plc, Mr. Herbert Wigwe, who acknowledged the outstanding growth of the Nigerian fashion industry, reaffirmed the bank’s commitment to grow the nation’s fashion industry. “We will continue to partner with the fashion industry, because we believe it would boost local growth of SMEs in that space,” he said.

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