Lagos State Governor, Babajide Sanwo-Olu, has reaffirmed his administration’s commitment to strengthening Small and Medium Enterprises (SMEs) with the goal of attracting up to $1 billion in foreign exchange inflows annually over the next five years.
Speaking at a recent economic forum in Lagos, the governor highlighted SMEs as the backbone of the state’s economy, stressing their role in job creation, innovation, and wealth distribution. He noted that Lagos, as Nigeria’s commercial hub, must leverage its entrepreneurial population and position itself as a global destination for investment.
According to him, the government is working to expand access to funding, improve business-friendly policies, and invest in infrastructure that will help local enterprises thrive. Partnerships with private investors, international organizations, and financial institutions are also being explored to scale up the initiative.
Economic experts at the event welcomed the plan, describing it as timely amid Nigeria’s pressing need for diversified foreign exchange earnings outside crude oil. However, they also cautioned that issues such as power supply, multiple taxation, and regulatory bottlenecks must be addressed to ensure SMEs achieve their full potential.
If realized, the initiative could significantly boost Lagos State’s revenue base and cement its status as Africa’s leading business hub.
