Kunle Adelabu
-Solicits support for 2nd Ikorodu Division Trade Fair
The Vice Chancellor of the Lagos State University of Science and Technology (LASUSTECH), Prof. Olumuyiwa Odusanya, has stated that there are about 41million Micro, Small and Medium Enterprises (MSMEs) in Nigeria.
Prof. Odusanya, who was the former Director of Research and Development, Lagos State University (LASU), also stressed that there will be significant economic development, especially in terms of creation of employment if the MSMEs are properly strengthened.
He made the revelation on Wednesday, at the press conference to herald the 2nd edition of the Ikorodu Division Trade Fair, held at the LASUSTECH Boardroom.
The VC was commenting on the theme of this year’s trade fair: “MSME – Key to an Inclusive and Sustainable Recovery for Economic Development”.
“Interestingly, the topic is very important, macro, small and medium enterprises into an inclusive and sustainable recovery”, Prof. Odusanya said.
“I think in the year 2020, when I was still the Director of Research and Development for Lagos State University, this was our research focus and we started talking with the Lagos State Ministry of Commerce and Industry to develop a partnership with them. That is because the MSME is rarely the most important part of our economy. Even though we talk about big manufacturing companies, big investments and big companies, there must be an amplification of the small businesses.
“Data shows that we have about 41 million MSME in Nigeria. Even if one employs just one person each, that is at least 20 percent of the Nigerian population and so, anyone that ignores that segment is ignoring the human capital and financial development of the country”.
While emphasizing that the critical nature of the MSMEs to national development, the erudite scholar and University administrator, also charged the ICCI, to take advantage of the loan facility for its MSMEs available at the Central Bank of Nigeria (CBN).
“As a University, we know that this is a critical component of developing the economy which is one of the goals of the University, and if Nigeria will improve, we must also be looking at the MSME”, Prof. Odusanya said.
“The CBN has development funds for the MSME and I don’t know how much of that that the Chamber of Commerce in Ikorodu has tapped into. It is available at 9 percent and it has been on for almost ten years.
“As I look at our environment in Ikorodu, almost all the industries that are eligible for that funding are here – cottage industry, artisan, services….”.
Prof. Odusanya, who stated that the institution is fully identifying with the fair, also called for the participation of the public.
“Therefore, we want to identify with this press conference and with the overall trade fair starting next week. I want to encourage everybody to, please, support it and bring your people….. I congratulate the LOC, I congratulate the president of ICCI and I wish us a very pleasant and profit making – event”, he said.
