Lagos Govt Empowers MSMEs for AfCFTA Opportunities - The Top Society

Lagos Govt Empowers MSMEs for AfCFTA Opportunities

In a strategic move to leverage the Africa Continental Free Trade Area (AfCFTA), Lagos State Governor, Mr Babajide Sanwo-Olu, announced initiatives to position Micro, Small, and Medium Enterprises (MSMEs) for success in the burgeoning continental market.
The governor, represented by his deputy, Dr Obafemi Hamzat, conveyed this commitment at the 8th Lagos State MSMES Exclusive Trade Fair held in Ikoyi.
Governor Sanwo-Olu outlined the state’s proactive approach, revealing the establishment of a Technical Working Group comprising representatives from both the public and private sectors. This group is tasked with aligning the state’s goals with the objectives of AfCFTA, aiming to enhance the competitiveness of MSMEs in the global market.
Babajide Sanwo Olu, Executive Governor, Lagos State
“Given the prevailing economic uncertainties, added value is an important strategy to acquire and retain customers, increase brand awareness, and differentiate one’s place in the AfCFTA market.
“Consequent upon Nigeria’s joining the AfCFTA, which is poised to become a game changer for the African economy, we are duty-bound to position our MSMEs to take advantage of this continental agreement by providing the platform and exposing them to the skillset required to accelerate the effectiveness of AfCFTA in stimulating intra-African trade.
“This will particularly impact the exports of the state and the nation to African countries, significantly increasing it between 10 per cent and 15 per cent in the nearest future. By extension, it will tremendously increase the Gross Domestic Product of Nigeria, of which our dear state’s economy is a subset.
“Our administration will designate a cluster for selected exportable products and provide the required system, including collaborations with relevant Federal Government agencies, to facilitate the export of MSMEs products,” Sanwo-Olu emphasized.
The move comes as Nigeria joins AfCFTA, poised to be a transformative force for the African economy.
Highlighting the significance of this continental agreement, the governor explained that the state is duty-bound to prepare MSMEs for success in the AfCFTA market. He anticipates a substantial increase in exports from Lagos to African countries, projecting growth between 10 and 15 percent in the near future, consequently boosting Nigeria’s Gross Domestic Product.
Governor Sanwo-Olu stressed that Lagos State has identified new opportunities for diversification and value chain development under AfCFTA. He announced plans to designate a cluster for selected exportable products, providing the necessary infrastructure and collaborating with relevant Federal Government agencies to facilitate the export of MSMEs’ products.
This proactive stance by the Lagos State government demonstrates a commitment to harnessing the potential of AfCFTA, fostering economic growth, and empowering MSMEs to play a pivotal role in the evolving landscape of intra-African trade.
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