Sanwo-Olu: MSMEs Are the Backbone of Lagos’ $259bn Economy

Sanwo-Olu: MSMEs Are the Backbone of Lagos’ $259bn Economy
3,000 Businesses Showcase at Lagos MSME
Creates 200,000 Jobs Through LSETF

Lagos State Governor, Babajide Sanwo-Olu, has reiterated his administration’s commitment to strengthening Micro, Small and Medium Enterprises (MSMEs), describing them as the backbone of the state’s fast-growing economy.

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Eko Hot Blog reports that at the opening ceremony of the maiden Lagos MSMEs Exclusive and Eko Roundcity Trade Fair held on Monday at the National Stadium, Surulere, the governor represented by the Chairman, House Committee on Commerce, Cooperative, Trade and Investment, Abiodun Tobun said MSMEs remain central to Lagos’ economic success.

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Sanwo-Olu noted that Lagos accounts for between 30 and 35 per cent of Nigeria’s Gross Domestic Product (GDP), supported by a diverse network of local traders in markets like Balogun and Alaba, fashion creators in Surulere and Yaba, tech innovators in Lekki and Ikeja, agro processors in Epe and Ikorodu, and thousands of artisans and professionals across the state.

He said this economic vibrancy is why his administration sees MSME support not as a side initiative but a core pillar of its development strategy.

“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,” the governor said.

He commended the organisers of the trade fair, saying at least 3,000 MSMEs from different parts of the state would showcase their products and services during the event. He added that the Lagos State Employment Trust Fund (LSETF) had supported about 40,000 MSMEs and created an estimated 200,000 direct and indirect jobs.

In her remarks, the Commissioner for Commerce, Cooperative, Trade and Investment, Folasade Bada Ambrose, acknowledged the role of the business community in driving Nigeria’s commercial growth. She said Lagos, with over 20 million residents and thousands of enterprises, continues to shape the national GDP.

Sanwo-Olu: MSMEs Are the Backbone of Lagos’ $259bn Economy

According to her, the state has continued to invest in market infrastructure, industrial hubs, enterprise development programmes, and reforms that enhance market access for small businesses.

Ambrose said the fair would provide artisans, petty traders, informal-sector operators and MSMEs an opportunity to showcase their products while encouraging capacity-building and enterprise expansion.

“Through this fair, we are strengthening grassroots economic activity, stimulating trade, generating jobs, and supporting the gradual formalisation of informal enterprises,” she said.

She added that promoting local production would help reduce reliance on imported goods. She also commended the four supporting local governments; Surulere, Lagos Mainland, Apapa and Eti-Osa for their roles in making the fair a reality.

The commissioner said the ‘Round City’ concept symbolises Lagos’ aim to connect the vibrancy of Lagos Island, the industrious spirit of Apapa, the creative pulse of Surulere, the bustle of Lagos Mainland and the emerging business hubs of Eti-Osa into one unified marketplace.

Keynote speaker, Dr Segun Kuti-George, urged entrepreneurs to deepen their entrepreneurial mindset, build resilience and pursue innovative solutions to grow their businesses in an unpredictable economic environment.

Also speaking, the Chairman of the Fair, Ogboni Fuad Oki, described the initiative as an important bridge between the government and grassroots businesses. He said the event demonstrates how partnership, innovation and shared vision can drive inclusive economic growth.

“The Eko Roundcity Trade Fair is not just an event; it is an emerging institution and a catalyst for economic renewal,” Oki said.