Lagos State Government Targets MSME Growth with New Sectors

The Lagos State Government has identified six priority sectors for investment and enterprise development to tackle Nigeria's job creation crisis and support micro, small, and medium enterprises (MSMEs). The sectors include agro-processing, light manufacturing, healthcare, the creative economy, digital trade, and the blue economy, as stated by Folashade Bada Ambrose-Medebem, the Commissioner for Commerce, Cooperatives, Trade and Investment.

This announcement was made during the celebration of International MSME Day in Lagos, where she also introduced the Lagos State Industrial Policy 2025–2030 aimed at promoting industrial growth. The 44-unit Imota Light Industrial Park is nearing completion and will provide production space for businesses.

Ambrose-Medebem emphasized the importance of the African Continental Free Trade Area (AfCFTA) and noted that the Lagos State Export Readiness Programme has trained 253 businesses for international trade. Despite these efforts, challenges such as inadequate documentation and high energy costs hinder MSME growth.

She urged entrepreneurs to formalize their businesses and improve their financial practices.