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  • Business - Entrepreneurship
  • Updated: November 17, 2023

Economic hardship: Governor Sanwo-Olu urges businesses to adopt survival strategies

Economic hardship: Governor Sanwo-Olu urges businesses to ad

The Lagos State Governor, Babajide Sanwo-Olu has said that businesses must devise means to adapt to the current economic shocks in order to survive.

He stated this at the just concluded Lagos International Trade Fair.

Folashade Ambrose-Medebem, the Commissioner for Commerce, Cooperatives, Trade and Investment, who represented  Sanwo-Olu, said, “Because of the local and global economic challenges, businesses must adapt to various economic variables for survival and prosperity while building an internal mechanism to face economic challenges.

"At the crux of this is the unrelenting commitment to combine factors of production to create marketable value that can be converted to wealth. You know it is not that simple, but with determination, it is truly the surest way to navigate the current economic headwinds.”

Sanwo-Olu also promised that to navigate the economic challenges and forge a path to prosperity, the Lagos State Government, through the Ministry of Commerce, Cooperatives, Trade and Investment is willing and ready to interface with businesses by creating a friendly environment and enhance the ease of doing business in Lagos State.

Also speaking, Michael Olawale-Cole, the President of the Lagos Chamber of Commerce and Industry, said it is gratifying to observe that attendees of the trade fair engaged in fruitful business dealings.

"We expect all levels of government to continue addressing the enabling environment issues in the country, with a particular focus on infrastructure, insecurity, and the implementation of appropriate policies to address the primary causes of sub-optimality in monetary policy performance.

“We need to do these in order to fully harness the huge enterprising resources of domestic and foreign investors for the diversification of our economy and the welfare of our people,” he said.

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