joshuaLagos State Govt, Speaker, Kosofe LG Chairman Laud KCCI
*CPPE, LCCI, KCCI, others urge FG, states to ensure MSMEs’ growth
Ayo Ola
The Lagos State Government through the Commissioner for Commerce, Cooperatives, Trade and Investment, Lagos State, Mrs Folashade Ambrose-Medebem; Speaker, Lagos State House of Assembly, Mudashiru Ajayi Obasa and Executive Chairman, Kosofe Local Government, Bar. Moyosore Ogunlewe, have commended Kosofe Chamber of Commerce & Industry (KCCI) founded by Mr. Joe Femi-Dagunro for its laudable activities in grassroots economic activities and political education.
They spoke during Kosofe Economic Dialogue 2024 organised by KCCI in Lagos, according to a statement on Friday. The theme of the summit was: SME Sustainability & Innovation – bridging the cap.’
The event was also attended by Lagos State Manager, Bank of Industry, Anthony Alaegor; Director, Social & Labour Affairs/Projects, Nigeria Employers’ Consultative Association (NECA), Adenike Adebayo-Ajala, who represented, the Director-General, NECA, Mr. Adewale-Smatt Oyerinde; Chief Executive Officer, Lam Agro Consult Limited, Bolade Agbola; Lead Consultant, Florish-Gate Global Consult, Dideolu Adekogbe; Supply Chain Director, Etex Group, Thilor Ackerman, Mr. Ajibola of Honeyland Group of Schools; representative of Ijebu Chamber of Commerce, Ogun State, Olatunde Modupeola; CEO, Arcade Collectibles, Ogudu, Lagos, A. Oluwatoyin among other personalities.
Commissioner for Commerce, Cooperatives, Trade and Investment, Lagos State, Mrs Folashade Ambrose-Medebem, represented by Director of Investment, Ministry of Commerce, Cooperatives, Trade and Investment, Lagos State, Sule Abolore, commended KCCI for the summit and other activities.
She said the state government through the ministry is geared towards the success, prosperity and growth of businesses and commercial activities in the state.
Speaker of the Lagos State House of Assembly, Mudashiru Ajayi Obasa, represented by Chairman, House Committee on Commerce, Cooperative, Trade and Investment, Honorable Tobun Abiodun, congratulated KCCI, and asked the group to continue the good work they are doing to cooperate, collaborate and form and alliance towards economic prosperity for Kosofe LG, Lagos State and Nigeria in general.
He said: “We appreciate the role the SMEs are playing in socio-economic emancipation of the state, nation and as a catalysts towards economic growth and development. We appreciate their initiative, knowing that they are one of the few local governments in Lagos State, I think there are three of them in three LGs of Lagos State but this one ranks first among the equals with what they have put up together. We encourage them to continue to do it and expand more and by extension attract foreign director investors into the LG, Lagos and Nigeria.
Executive Chairman, Kosofe LG, Bar. Moyosore Ogunlewe, commended KCCI for the initiative and said the theme, ‘SME Sustainability & Innovation – Bridging the Gap,’ encapsulates the very essence of the LG’s economic aspirations.
He noted that SMEs are not just participants in the economy; but that they are its very foundation.
He said: “In Kosofe, as in much of Nigeria, SMEs are the engines of growth, the wellsprings of innovation, and the primary source of employment for our burgeoning population.
“However, we must acknowledge that between the vast potential of our SMEs and the full realisation of that potential, there lies a gap. It is a gap of resources, of knowledge, of access to markets, and sometimes, of vision. Our task, as leaders, policymakers, and stakeholders, is to bridge this gap.”
Founder/President, Kosofe Chamber of Commerce & Industry (KCCI), Mr. Joe Femi-Dagunro called for more collaboration between the private and public sectors.
He appealed to policy makers to initiate and execute business and people-friendly policies.
Femi-Dagunro said: “SMEs have not really been taken care of and there is the need for us to develop the SME community and SMEs in Nigeria. We have been able to bring this to the level because I believe that there will be grassroots political education and economic development. Unless we begin to develop our grassroots economic policies, we may not really say we are making a headway.
“The grassroots economic policies have to be planned and executed in a way that SMEs at the grassroots will be able to generate more, they will be able to pay more taxes, employ more people and groom the future leaders in all areas.
“We still need to have more City Chambers and I am very confident that this is the beginning. We will continue to have a dialogue and conversation sessions and we will continue to do other events that will make the policy makers work together with the private sector. It is just about working together and not in isolation.
“As an advocacy group and as a group, we believe that some of the things we are saying are to develop the people. The participants said some of their challenges and I say let us begin to proffer solutions.
“The policy makers have to listen to the grassroots. It is not just about palliatives. People want to work and make money but they want policies that will encourage them. Policies that will grow their businesses. That is what KCCI is advocating.”
Chairman, House Committee on Local Government and Chieftaincy Affairs, Lagos State House of Assembly, Okanlawon Sanni said the importance of SMEs cannot be overemphasized.
He stated that they stimulate competition for prices, product design and efficiency. According to him, if there are no SMEs, big enterprises become monopoly.
Sanni who also is a member representing Kosofe Constituency 1 further said SMEs also help big enterprises such as supplying raw materials and parts and distributing products made by them.
He said: “The impact of SMEs in Lagos economy today is immense. Our economy is driven by the SMEs in the state. Those in various markets selling food and household items belong to the SMEs; those private business owners who provide one form of service in banking, building, construction, automobile, agriculture, to mention but a few, are also in the business of SMEs.”
The Centre for the Promotion of Private Enterprise (CPPE), and the Lagos Chamber of Commerce and Industry, (LCCI) called on the federal, state and local governments in Nigeria to implement policies that would boost Micro, Small and Medium Enterprises (MSMEs).
Chief Executive Officer, CPPE, Dr. Muda Yusuf, called on the Federal Government to exempt Micro, Small and Medium Enterprises (MSMEs) with annual turnover of N100 million and below from corporate tax and Value Added Tax.
He stated that this in addition to tackling the problem of multiple taxes and levies on small businesses both by state and non-state actors.
He called on President Bola Tinubu to make the reform of his administration to be investment, business and people friendly, noting that the reforms are having biting effects on the people and businesses.
Yusuf said: “Structural issues on infrastructure should be addressed to improve productivity and competitiveness of manufacturing firms.We should address concerns about unfair competition from imported finished goods. We should address regulatory and institutional problems affecting MSMEs.”
President & Chairman of Council, Lagos Chamber of Commerce and Industry, LCCI, Mr. Gabriel Idahosa, said it is important for businesses to organized themselves in clusters in each community.
According to him by so doing, they will have a voice.
He said: “That voice will enable them speak to government at any level, local, federal or state. That voice will enable them to connect themselves to be able to help themselves by networking. That voice will enable them to do any activities that individual business could not do by themselves. It also enables them to attract support for local and international donor agencies who are looking for membership business organisations. So that is the big event today that KCCI has crystalised and is now known and whoever wants to make an impact in Kosofe has organized body of business people and business organisations to deal with.”
