Mrs Toki Mabogunje, President Lagos Chamber of Commerce and Industry (LCCI) on Thursday said she would focus on growing Small and Medium Enterprises (SME) to drive sustainable economic growth.
Mabogunje said this on Thursday in Lagos that her focus on SMEs was because they were the driving force that ensured growth, stability and development of any growing economy.
Mabogunje promised to continue to promote diplomatic relations for cross border trade, and engagement of the ECOWAS Trade Liberalisation Scheme (ETLS) to simplify the licensing processes for SMEs.
“The SMEs have complained that the processes of engagement in the ETLS are complicated and we are going to step in to address that and ensure that things go well for these businesses to thrive.
“We are finding ways to simplify the process and help them to get trade licenses.
“We shall also continue to engage government agencies and stakeholders for support in getting trade licenses.
“We are also engaging the federal government on our preparedness for the Africa Continental Free Trade Area(AfCFTA),’’ she said.
The LCCI President called for more public-private sector collaboration and dialogue to enjoy trade facilitation within the state.
She urged Lagos state as a former capital of the federation to collaborate with the government at the federal level to address some of the infrastructural deficiencies.
This, she said, would help in addressing problems such as port congestion as well as power and road transportation challenges akin to the metropolis.
According to her, more investment-friendly policies bordering on location of industries will improve private and foreign investment and boost the state revenue generation.
“Lagos has the advantage of being one first place of call when people come into the country.
“It is obviously the financial capital of the nation so if we are talking technology and trade, futuristic development, and Lagos is not a part of it, then we are in trouble.
“Luckily, we find the Sanwo-Olu government to be open and a listening one that engages in consultation, so we are right on track to developing Lagos, ” she said.
Mabogunje also urged the federal government to engage in better communication and enlightenment programmes to bring to fore the processes and policies existing to facilitate growth of SMEs.
She advised the Federal government to direct the extra 2.5 per cent to be generated from Value Added Tax (VAT) to addressing infrastructural deficiencies.
“On this premise, I urge the state government to key into the development programmed of Small and Medium Economic Development Agency of Nigeria (SMEDAN), Bank of Industry (BoI) and others to reach a larger group of businesses,” the LCCI President said.
Mabogunje, while commending the loan to deposit ratio, said banks needed to develop expertise of lending to small businesses.
“The banking system need to understand more these businesses and the product cycle of these SMEs.
“Also, more enlightenment and sensitisation needs to be carried out about the existing facilities for these businesses to help them grow and contribute their quota to the GDP of the nation,” she said.
Mabogunje, who was recently elected to the governing Council at the World Chamber Federation (WCF) also called for improved border policing by growing the crop of human resource and use of technology.
Mabogunje, whose tenure as president started on Dec. 7, 2019 is third female president of the chamber since it came into existence 131 years ago.
She has promised to be more youth and gender inclusive in her quest to ensure the LCCI remains a model and leading voice of businesses in Nigeria to deliver value to the nation.
