The Chairman of Senate Committee on Finance, Senator Solomon Adeola fondly called Yayi, on Friday, urged Nigerians to patronise locally made goods saying it remains a way of stabilising the country’s currency value.
He said this at the MSMEs exhibition/fair for locally made goods in Lagos West senatorial district held at the LTV blue roof, Agindingbi, Ikeja, in Lagos.
While urging the Federal Government to inject funds into Small and Medium Enterprises, SMEs, the lawmaker noted that foreign goods are longer affordable on account of the rate of Nigeria’s currency to foreign currencies.
He explained that the Lagos West Fair 2022 with 100 exhibitors, the first instance, is targeted at enhancing the growth of MSMEs within the Lagos West Senatorial district.
The fair featured 100 indigenous exhibitors that showcased their products as well as hundreds of constituents and other participants from across the state.
Adeola noted that in the face of serious economic challenges confronting the nation, local production of goods and services “is a veritable way of addressing the challenges associated with our economy.
His words: “I have the pleasure of addressing this unique occasion of the gathering of hardworking constituents and Nigerians engaged in contributing their quota to the socio-economic development of our nation as part of my representative function.
“In the face of serious economic challenges facing our nation, there is no doubt that local production of goods and services is a veritable way of addressing the challenges associated with our economy.
“With the theme: “Harnessing the Growth of MSMEs for Sustainable Development in Lagos West Senatorial District”, this exhibition /trade fair is coming at a time that all Nigerians must start imbibing the culture of patronizing our locally made goods and services in the interest of our national economic growth.
“Over the years, I have facilitated the training of thousands of constituents in various vocational skills acquisition and entrepreneurship development programmes, all aimed at local production of goods and services. Some of the beneficiaries of these programmes are in business as well as engaging other Nigerians in gainful employment in the vast pool of MSMEs of Lagos West.
“The Lagos West Fair 2022 with 100 exhibitors at the first instance is targeted at enhancing the growth of MSMEs within the Lagos West Senatorial district. With a population of over 12 million people making up over half of Lagos Mega City, Lagos West will definitely have the largest number of MSMEs in Nigeria and there is need to encourage and showcase their products as alternative to costly imported goods and services.
“I am, therefore, facilitating these staggered exhibition/fairs across the two divisions of Lagos West namely, Ikeja and Badagry Division. This is in collaboration with the Federal Cooperative College, Oji River and Federal Cooperative College, Ibadan.
“There is no doubt about the benefits of this programme in promoting our local production not only for exhibitors but also the citizenry. Most of our locally made goods can compete favourably with others but more importantly, they are tailor-made to serve the purpose for which they were made at a lesser cost. In this programme, exhibitors have opportunities of reaching many customers, leveraging their products for export as well as networking for mutually beneficial integration. There are also opportunities for sales and orders from direct consumers of products on display.
“Furthermore, there is also the benefit of acquisition of knowledge by the exhibitors with opportunities to learn from industries giants through the incorporation of Symposium, Seminars, sensitization and question and answer sessions involving relevant Public and Private sector players to identify the critical areas of supports, most especially as it pertains to providing an enabling environment for the MSMEs.
“Let me conclude by saying that most foreign made goods are no longer affordable on account of the rate of our currency to foreign currencies. Happily, most of these goods now have locally made ones. This is the time to patronize our locally made goods with all its benefits for the economy and the stabilization of our currency’s value.”
Earlier in his welcome address, the Director of Procurement, Federal Cooperative College, Orji, Mr Okezie urged the Federal Government to inject funds in SMEs saying “they drive the economy.”
Okezie also commended Senator Adeola for empowering his constituents to harness the growth of MSMEs.
