Gov. Babajide Sanwo-Olu of Lagos state has reaffirmed his administration’s dedication to supporting small and medium enterprises (SMEs) and fintech companies to foster a robust local economy.

Mr Sanwo-Olu gave the assurance during a courtesy visit by the United Nations Industrial Development Organisation (UNIDO) in Lagos on Thursday.

The visit was led by Fatou Haidara, the deputy director-general to Nigeria, managing director of the Directorate of Global Partnerships and External Relations.

Mr Sanwo-Olu, who was represented by his deputy, Obafemi Hamzat, emphasised the vital role SMEs played in driving economic growth and creating a vibrant economy.

According to him, it is important for government to focus on small companies that use local materials, not imported materials.

He noted that through this, the government could create jobs along the value chain.

He said, “Our effort has been to drive the local economy and make sure that we fund genuine entrepreneurs, train and make sure that they are able to do what they can for the development of the state and the country at large.”

Mr Sanwo-Olu explained that government had established the Lagos State Employment Trust Fund (LSETF) to support nano SMEs with loans and grants and provide training to help them thrive.

“Data shows that the first five years are very key for their business to thrive as businesses usually collapse within the first five years of startup.

“Also, apart from giving them grants and loans in some cases, government also make sure they know the single-digit working, such as working with BOI, CAC amongst others,” he said.

He, therefore, urged UNIDO to continue to relate with the state government to enhance robust economic growth and continuous development in the state.

The governor highlighted the importance of infrastructure development, such as rail and water transportation, to support business growth.

He also highlighted notable achievements of the government, which included the signing of a Memorandum of Understanding with a company in the Netherlands to convert part of the state wastes in Epe to energy, capable of providing power to about 40,000 households within the community.

Earlier in her address, Ms Haidara stated that the aim of UNIDO was to support Nigeria’s national strategies in terms of industrial development and industrialisation, which would help create more employment in the country.

She noted that SMEs play a vital role in the development of any country as they help create employment and boost economic growth.

“The mandate of the organisation is inclusive and sponsorable industrialisation, which means partnership.

“It is important to strengthen this cooperation, which will drive our state economy to thrive,” she said.

Ms Haidara thanked the Lagos state government for its support and hosting of the “Investment in Technology Corporation conference’’.

(NAN)