By BLESSING OKEZIE, Lagos

The Lagos State Government has announced plans to embark on massive investments on critical infrastructural facilities to stimulate competitiveness of Small and Medium Enterprises (SMEs) in the State and the country at the global market.

The Lagos State Governor, Babajide Sanwo-Olu at the Nigerian Association of Small and Medium Enterprises 3rd edition business roundtable in Lagos, said his administration is willing and ready to invest heavily in critical infrastructure that would accelerate the growth of the economy, while also empowering the private sector and Micro Small and Medium Enterprises (MSMEs) who are real engines of economic growth.

The Governor who was represented by the Commissioner for Commerce and Industry, Lagos, Mrs. Lola Akonde, said the theme of the event tagged “Impact of technology on micro, small and medium businesses in Nigeria” provides stakeholders the unique opportunity to address one of the major strategies germane to the success of any aspiring and growing business.

He reiterated the government’s support for the organised private sector and MSMEs in the provision of critical infrastructure such as power, water, inter modal transportation, waste management, among many other initiatives.

He noted that as the nation’s most endowed economy and one of the foremost fastest growing economy in Africa, Lagos undoubtedly has a lot of business opportunities with a population of over 20 million people noted for their high level of resourcefulness and entrepreneurial acumen.

He added that technology development is a catalyst not only for the growth of MSMEs, but also for the growth of national and global economy which is currently undergoing fundamental transformation with technology playing a key role.

He pointed out that organisations are restructuring, re-engineering and rethinking how they do business in an effort to keep pace with changes in technology and other economic conditions in the world.

“All these are geared towards making life more convenient for our people and enhancing the productive capacities of our entrepreneurs,” he said.

The Chairman, NASME, Lagos State Chapter, Solomon Aderoju, said based on the fact that MSMEs are the game changers for economic growth and development in any country, it is therefore critical to discuss the impact, importance and role played by technology on MSMEs.

He said technology is needed to drive MSME operational, financial, human resources, logistics, market and risk management activities, stressing that with the advent of Africa Continental Free Trade Agreement (AfCFTA), its members must leverage on the latest technology to drive their businesses within and outside the African continent.

He highlighted NASME focal objectives to include entrepreneurial capacity building of members, access to funding, access to market, access to technology as well as advocacy, networking and government engagement.

In his remarks, the Former Managing Director, Ntel, Ernest Akinola, said the current impact of technology on the MSME sector is exponential, adding that technology is displacing the traditional business in Nigeria.

According to him, the pace of technology is going to continue and would create opportunities in Nigeria’s MSMEs.

“The rate of growth is much quicker than it has been in the last 30 years. Technology is transformational, but also disruptive and it is here to stay,” he added.