Mr Rotimi Ogunleye, the Lagos State Commissioner for Commerce, Industry and Cooperatives, says adequate funding can develop small businesses in Nigeria and strengthen the economy.
Ogunleye stated this at the inauguration of the Lagos State Council on Micro, Small and Medium Enterprises (MSMEs) in Lagos on Tuesday.
“We all know that the future of our economy lies with the MSMEs. The economy is mono-product, dependent solely on oil.
“So, we need a diversified base whereby we can generate revenue from other sources and the MSMEs are the people that really hold the key.
“The multi-nationals of today, the Leventis, Honda, Suzuki; they started as MSMEs and that is what Nigeria has now realised, by putting in place the council of MSMEs at the national level and the states.
“And that is what we are inaugurating in Lagos today.
“That means we are in sync with the national level in really invigorating MSMEs.’’
Also, Dr Dikko Umaru-Radda, the Director-General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), urged other states to domesticate the Federal Government’s policy on MSMEs to create wealth and jobs.
“The aim of the council is to develop, encourage and facilitate small and medium businesses and make business easier for the small entrepreneurs.
“His Excellency, the President of the Federal Republic of Nigeria has set aside N500 billion in this year`s budget for the development and creation of wealth, poverty alleviation and job creation.
“And SMEDAN is the vehicle for job creation and development and growth of the economy.
“The Lagos state initiative is very encouraging and I call on all the other states to imbibe what the state government has done.
“It is a great thing, they developed these people, they gave them training as well as provided funding and we thank the state governor very well for doing a great job for the entrepreneurs