Lagos State Governor, Mr Babajide Sanwo-Olu, has reaffirmed his administration’s commitment to supporting the growth of the Micro, Small and Medium Enterprises (MSMEs) to boost the state’s economy.

Sanwo-Olu said MSMEs play an important role in keeping the state’s economy going, and that Lagos generates about 30 to 35 per cent of Nigeria’s Gross Domestic Product, with a $259 billion economy.

He stated this at the opening ceremony of the first edition of the Lagos MSMEs Exclusive and Eko Roundcity Trade Fair held on Monday at the National Stadium, Surulere.

Sanwo-Olu, who was represented by the Chairman, House Committee on Commerce, Cooperative, Trade and Investment, Abiodun Tobun, acknowledged the role of local traders in Balogun and Alaba, fashion designers in Surulere and Yaba, tech founders in Lekki and Ikeja, agro processors in Epe and Ikorodu, and thousands of artisans and professionals whose daily work keeps Lagos productive, competitive and attractive for investment.

“This is why my administration considers support for MSMEs not as a side programme, but as a central pillar of our development agenda. We are renewing a clear commitment to those who keep the Lagos economy moving, the thousands of small businesses that create value in every street, market and industrial cluster across our State,” Sanwo-Olu said.

He commended organisers of the Eko Roundcity Trade Fair, adding that at least 3,000 MSMEs from all parts of the State will have the opportunity to showcase their products and services.

The governor further said that through the Lagos State Employment Trust Fund, LSETF, about 40,000 MSMEs have been supported financially, while about 200,000 direct and indirect jobs have been created.

In her welcome address, the Commissioner for Commerce, Cooperative, Trade and Investment, Mrs Folasade Bada Ambrose, said the business community has been at the forefront of commercial growth in Nigeria, adding that Lagos, as the economic centre of Nigeria with over 20 million residents and thousands of businesses, contributes to the national GDP.

She noted that Lagos State has invested in strengthening the trade and investment climate through market development, industrial hubs, enterprise support programmes, and reforms that improve market access for small businesses.

The commissioner further said the Fair would afford artisans, petty traders, informal-sector players, micro-businesses and MSMEs to showcase their products and services while also promoting capacity building and business growth.

“We are strengthening grassroots economic activity, stimulating trade, generating jobs, and supporting the gradual formalisation of informal enterprises. This fair will help MSMEs gain visibility, increase revenue, and build long-term commercial relationships. It also gives the public a chance to discover the creativity and quality of products made in Lagos,” Ambrose said.

According to the commissioner, the Fair will also promote local production and in turn reduce dependence on imported goods.

She commended MSMEs for contributing to job creation and the four local governments; Surulere, Lagos Mainland, Apapa, and Eti-Osa for supporting the Fair.

She said the idea of the ‘Round City’ reflects the state’s collective resolve to unify these diverse localities, linking the energy of Lagos Island, the industrious spirit of Apapa, the vibrant heartbeat of Surulere, the lively bustle of Lagos Mainland, and the rapidly emerging business corridors of Eti-Osa, into one inclusive marketplace.

Ambrose said Lagos believes in collaborative progress, where the government, the private sector, and citizens work together to build prosperity.

In his presentation, the Keynote speaker, Dr. Segun Kuti-George, emphasised the need for MSMEs to embolden their entrepreneurial mindset and work towards growing the economy.

He delved into how entrepreneurs could make sense of the world around them, develop the skills required to adopt an entrepreneurial mindset, and scale robust innovations to create and sustain an enterprise in an ever-changing, unstable business environment.

The Chairman of the Fair, Ogboni Fuad Oki, described the initiative as a bridge between government and the grassroots, stressing that it marks a new chapter of empowerment for small businesses and demonstrates what partnership and shared purpose can achieve

“The Eko Roundcity Trade Fair is not just an event; it is an emerging institution, a bridge between government and the grassroots; a catalyst for economic renewal, a marketplace of ideas, creativity, and opportunity.

This inaugural edition is a testament to what partnership, innovation, and shared purpose can achieve,” Oki said.