Sanwo-Olu, Minister push for swift implementation of SME-boosting policies

Lagos State Governor Babajide Sanwo-Olu, the Minister of Industry, Trade and Investment, and other key stakeholders in the business sector have called for urgent action to implement policies that promote the consumption of locally made goods, in a bid to drive the growth of Small and Medium Enterprises (SMEs) in Nigeria.

Governor Sanwo-Olu, represented by the Permanent Secretary of the Lagos State Ministry of Cooperatives, Commerce, Trade and Investment,   Dr. Aina Ayoola made the call on the third day of the 16th Meeting of the National Council on Industry, Trade and Investment.

The event, themed “Accelerating Diversification by Leveraging Industry, Trade, and Investment for Shared Prosperity,” was organised by the Federal Ministry of Industry, Trade and Investment and hosted by the Lagos State Government.

He noted that over the years—from the first to the 15th edition of the Council meeting—numerous ideas and policies had been put forward, but the time had come for implementation.

“Let us transform the brilliant ideas and resolutions crafted here into tangible actions that will impact the lives of our citizens. The journey towards a diversified and prosperous economy requires more than policy declarations; it demands relentless implementation, measurable outcomes, and unwavering accountability,” Sanwo-Olu stated.

The governor added that Lagos, under his administration, has provided a conducive environment for businesses to thrive, for investments to flourish, and for innovation to take root.

He reiterated the state’s commitment to leading Nigeria’s transformation into a manufacturing hub and a major player in intra-African trade under the African Continental Free Trade Area (AfCFTA).

The Minister of Industry, Trade and Investment, Jumoke Oduwole, said the nation is at a challenging economic moment, marked by high inflation.

She noted that President Bola Tinubu has been working to stabilise the economy over the past two years and is committed to reducing Nigeria’s dependence on the oil sector.

“Our economy relies on a single economy but the President is tackling it. We have seen so many opportunities and manufacturing potential that can be unlocked. At the Ministry of Trade, Industry and Investment, we are working to lay the foundation for our economic diversification,” she said.

“Diversification is a national project that demands alignment with states, it is not for the federal government alone. Let us change to a resilient Nigerian economy,” she added.

Also speaking, the Minister of State in the Ministry, John Ewan Onoh, emphasised that while Nigeria has an abundance of sound policies, the real challenge lies in implementation.

“We should go beyond rhetoric to reality. It’s when we are able to make tangible progress to outcomes of the meeting that the Nigerian economy can move forward. There’s so much expectation,” he said.

“In Nigeria today, $10 billion is spent on importation of foreign products whereas SMEs contribute less than 20 percent. This must change. Outcomes of this meeting must be implemented.”

Onoh also stressed the need for more financing for SMEs, stating that the private sector is critical to Nigeria’s industrial growth.

“As a ministry, we are ready to partner in building a successful industry sector. We have a mandate to position Nigeria as the industrial hub of Africa,” he said.