Good News For MSMEs As AFCFTA Opens Incentives Window For Them

By Tolulope Oke

It is good news For Micro, Small & Medium Enterprieses MSMEs in Nigeria as the African Continental Free Trade Area (AFCFTA) plans to open a window for them.

This much was revealed by the Governor of Lagos State, Babajide Sanwo-Olu, who informed that the new was coming via a vista of opportunities through greater access to new markets, leading to the creation of more employment opportunities.

Sanwo-Olu stated that the fair gives fulfilment of purpose because “this occasion presents an opportunity for us to celebrate and recognize the contributions of our burgeoning MSMEs sector not only in the States economic growth but national development.”

“I am delighted to note the milestone that has been achieved over the last six years by participation; as a result of this intervention programme which is aimed at providing a platform for MSMEs.

“It provides a platform to showcase their products and attracts the desired patronages,” he added.

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Sanwo-Olu added that the result would be the improved integration of economic and fiscal policies, as well as the breaking down of barriers which pose serious challenges to trade among countries on the continent.

He explained that the deal will create new opportunities by granting better access to new markets, which will raise demand for goods and services and lead to an increase in industrial capacity.

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Moreso, it will facilitate the economic transformation process and create additional employment prospects, both of which will be aided by industry player competitiveness.

“The advantages of this agreement are quite enormous with a prospect of growing Africa’s GDP by an additional one trillion dollars. We will take advantage of these emerging opportunities.

“We are designing and implementing policies and programmes that would accelerate the actualisation of our goals of sustainable trade, industrial and economic development,” he added.