Lagos Govt Targets $2.5bn Revenue From Non-oil Exports
Lagos State government is seeking increase in the nation’s revenue from non-oil exports put at $2.5 billion between January and June, this year.
To this end, the government in January inaugurated an export committee aimed at re-invigorating broad production and agricultural activities across the state.
Speaking during the Seventh Trade Fair organised by National Association of Small Scale Industrialists (NASSI) in Lagos, the Commissioner, Commerce, Cooperatives Trade and Investment, Mrs Folashade Ambrose-Medebem explained that the committee, comprising representatives of the ministries, departments, and agencies, as well as experts from diverse professions, are working to increase the number of players in the non-oil export business and grow the economy of the state and Nigeria at large.
She reiterated the commitment of the government to support companies exporting goods and services, saying the move would boost the state’s economy, create jobs and position it as a hub for international trade.
She said the administration of Governor Babajide Sanwo-Olu is developing an Export Promotion Policy to provide support to companies exporting their products and services, and that the providing fund resilient infrastructure, highlighted some of the state government’s intervention for Micro, Small and Medium Enterprises (MSME) to include the disbursement of over N8.4billion to 12,710 MSMEs through the Lagos State Employment Trust Fund, which, according to her, helped them navigate the negative effects of the COVID-19 pandemic and other challenges.
Lagos State Chairman, NASSI, Mrs Gertrude Akhimien said members of the association contribute N1 billion to the economy.
She said Small and medium-sized enterprises (SMEs) are the backbone of the economy and have been used as major instruments for poverty reduction and inclusive growth.
She urged the government and development agencies to support SMEs in contributing more to economic wealth and development.
The Chairman, Local Organising Committee, Peter Popoola said the fair was a means to boost SMEs’ competitiveness to better in the supply chains.
He said the fair was a great opportunity for small businesses to seek new markets and assist SMEs become more competitive and sustainable.
He lamented that inflation, as well as supply-chain issues and workforce challenges, were weighing heavily on businesses.
According to him, the growth of SMEs is critical to the economic development of the country.
