MSMEs key to economic growth, says Sanwo-Olu

Lagos State Governor Babajide Sanwo-Olu, Tuesday, said the Micro, Small and Medium Enterprises (MSMEs) sector is a huge economic catalyst, as it constitutes 95 to 98 per cent of all businesses, generates 50 per cent of the Gross Domestic Products, GDP and creates between 60 to 70 per cent of employment.

Sanwo-Olu, who disclosed this at the 8th edition of the Lagos State MSMEs exclusive fair, added that workers in the sector are estimated to account for about 90 per cent of the labour force in sub-Saharan Africa and South Asia.

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He said the signing of the African Continental Free Trade Area (AfCFTA) has made it imperative for the government and other stakeholders to support MSMEs in the country for them to take advantage of the continental agreement by providing the platform and exposing them to the skill set required.