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FG Vows to Boost SMEs, Calls Them Economy’s Lifeblood

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The federal government has vowed to implement policies that will enhance Small and Medium Enterprises (SMEs), the heartbeat of Nigeria’s economy.

According to a report by This Day Live, this commitment emerged at the inaugural event of the 37th Lagos International Trade Fair (LITF) yesterday. The Lagos Chamber of Commerce and Industry (LCCI) hosts this pivotal trade fair at Tafawa Balewa Square, Lagos Island. The event, which unfolds under the banner ‘Navigating Economic Challenges: Forging a Path to Prosperity’, will continue through Nov. 12, 2023.

President Bola Ahmed Tinubu, speaking through Dr. Doris Uzoka-Anite, the Industry, Trade, and Investment Minister, reinforced the SMEs’ vital role. “They propel our growth and innovation,” he affirmed. “We pledge to back them comprehensively to ensure they prosper.” He also underscored initiatives like the Presidential Conditional Grants and Loan scheme as key to this empowerment.

Tinubu described the LITF as a hub of opportunity, connecting global enterprises to cultivate partnerships, share insights, and tap into economic potential. He highlighted the fair’s slogan, ‘Connecting Businesses, Creating Value’, stressing that in today’s global landscape, successful businesses hinge on such connections. “Innovation and technology are revolutionizing our era,” Tinubu asserted. “Only by uniting our efforts can we build a thriving future.”

Lucia Shittu, the CEO of the TBS Management Board, attended the fair, representing Uzoka-Anite.

Lagos State Governor Babajide Sanwo-Olu shared his enthusiasm for the fair’s focus on business interconnectivity. “The LITF offers a rare chance for businesses to exhibit their offerings, enhance their market presence, and network significantly,” he remarked.

LCCI President Dr. Michael Olawale-Cole, addressing the gathering, acknowledged the economic adversities Nigeria faces while also recognizing its growth potential. “We’re at a crucial point,” he stated. “The fair’s theme captures our collective resolve to overcome economic hurdles.”

Japan’s Ambassador to Nigeria, Kazuyoshi Matsunaga, pointed out the global interest in Nigeria’s economic promise. “Lagos stands as Africa’s bustling commercial hub,” he commented. “The presence of 33 Japanese firms here reflects Japan’s commitment to Nigeria’s diversified economy.”

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