Sanwo-Olu, FG push policy action to support SMEs

By Adeola Ogunrinde

Governor Babajide Sanwo-Olu and top federal officials have called for urgent implementation of policies to support local production and drive growth in Small and Medium Enterprises (SMEs) across Nigeria.

Speaking on Wednesday at the 16th Meeting of the National Council on Industry, Trade and Investment in Lagos, Sanwo-Olu, represented by the Permanent Secretary, Ministry of Commerce, Cooperatives, Trade and Investment, said Nigeria must move from policy formulation to execution to grow its economy.

He said through collaboration between states and the federal government, the country can accelerate its shift from oil dependency to a more diversified economy focused on manufacturing and trade.

“Let us transform the brilliant ideas and resolutions crafted here into tangible actions. The journey towards a prosperous economy demands implementation, measurable outcomes, and accountability,” he stated.

Minister of Industry, Trade and Investment, Jumoke Oduwole, said the country’s reliance on oil remains a major economic risk, adding that President Bola Tinubu’s administration is working to stabilize inflation and support non-oil sectors.

“Our economy must move beyond a single source. We are working to lay the foundation for sustainable diversification, which requires strong collaboration with states,” she said.

Minister of State for Industry, Trade and Investment, John Ewan Onoh, said policy implementation remains Nigeria’s biggest challenge. He stressed that over $10 billion is spent on imports annually, while SMEs contribute less than 20% to GDP.

He urged increased financing for SMEs and greater involvement of the private sector, saying the ministry is committed to positioning Nigeria as the industrial hub of Africa.