Gov. Akinwunmi Ambode of Lagos State on Monday said that only concerted efforts by federal and state governments would address the myriad of challenges confronting the growth and development of Micro, Small and Medium Enterprises (MSMEs) in the country.

Speaking at the Lagos Edition of the MSME Clinic, Ambode said that little attention paid to MSMEs in the past was responsible for the underdevelopment of the sector.

“As a result of lack of support and incentives to young entrepreneurs, many small scale businesses have either collapsed or are operating below their optimum capacity.

“They therefore cannot make the expected impact on the economy,” said Ambode who was represented by the Secretary to the State Government, Mr Tunji Bello.

Ambode said that to change the narrative, governments should focus on strengthening the capacities of MSMEs to diversify the nation’s economy, create jobs and equitable opportunities for millions of Nigerians.

He commended the various interventions of federal government toward the sector, adding that his administration recognised the roles of MSMEs as the engine of growth and development in the state.

“This is why we have always been trailblazers in entrepreneurship and small enterprise development.

“I am glad to affirm that we are happy to collaborate with the federal government in bringing this popular clinic series to our teeming MSMEs in the state,” Ambode said.

The governor expressed the hope that the MSME clinic would bridge the gap between Lagos entrepreneurs and several government agencies, especially at the federal level.

“I implore everyone present to take this clinic seriously because it would not only create new insights and ideas for entrepreneurs, government and agencies.

“It will also empower the average Nigerian entrepreneurs to network and gain more knowledge and experience on strategies for creating sustainable wealth,”he said.

Earlier, the state Commissioner for Commerce, Industry and Cooperatives, Mrs Olayinka Oladunjoye, said that the Business Clinic was capable of transforming the fortune of all business owners.