Lagos State Governor, Babajide Sanwo-Olu is stepping up its efforts to ensure more local Small and Medium-sized Enterprises (SMEs) take full advantage of the vast potential of continental and international export markets, especially the African Continental Free Trade Area (AfCFTA), European, and Asian regions.
Research has shown that the African Continental Free Trade could be set to unlock a market with a combined GDP of approximately $3.4 trillion, and this offers a huge opportunity to Nigerian SMEs to widen their reach and increase their revenue.
The Governor recently highlighted the commitment of Lagos to developing SME business across the state while receiving the “SME Most Friendly Governor of the Year 2025” award at the Nigeria National SME Business Awards 2025 in Lagos.
Speaking via the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Abrose-Medebem, the Governor Sanwo-Olu said that Lagos State recognizes the amazing potential of Lagos-based SMEs in the export sector, hence its focus on implementing strategies focused on granting SMEs crucial access to information, financial resources, and logistical support required for navigating the complexities of international trade.
According to him, Lagos SMEs will be fully equipped with the skills and expertise needed to compete favorably within the AfCFTA, and even globally. The Governor believes that delivering key assistance would go a long way towards boosting export readiness via capacity-building programmes and market access support.
“Export readiness is one of them. Access to affordable finances is another. And the third one is really being able to understand and have the capacity to implement a thorough strategic roadmap to scale their business, to train their staff, to understand the business environment. That is part of what we’re doing. And finally, we’ve also worked on our industrial policy to make sure also that the overall business environment is adequate and suitable,” he said.
Sanwo-Olu concluded by announcing that his administration is working tirelessly to establish a robust database of SMEs within the state to better support and empower them with crucial opportunities.
“The Nigeria National SME Business Awards is more than just an event; it’s a movement.”It’s about recognizing, rewarding, and reinforcing the transformative power of entrepreneurship. Today’s event underscores our shared commitment to building a Nigeria where businesses, no matter their scale, can aspire, launch, expand, and flourish sustainably,” Ogun State Commissioner for Industry, Trade and Investment, Adebola Sofela added.
Folami David is a dynamic journalist who views the world through an analytical lens, translating complex narratives across multiple industries into compelling stories. With an insatiable appetite for information and a keen eye for emerging trends, Folami specializes in uncovering the interconnections between technology, business, culture, and society.
