Small & Medium Enterprises:
This would be our most important segment. Currently under-served and under- financed, this segment is expected to drive the growth of Lagos in the coming decades. In industrialized countries, studies have also shown that SMEs contribute over 55% and 65% to the Gdp and total employment respectively in high income-earning countries. Lagos State has a similar pattern. According to an OECD 2004 report, SMEs and the informal sector enterprises account for over 60% and 70% to GDP and total employment respectively in low income-earning countries. While they contribute about 70% and 95% to Gdp and total employment respectively in middle income-earning countries. The transporters, vulcanizers, mechanics, battery chargers, fashion designers, hair dressers, barbers, traders, painters, carpenters, bricklayers, etc. have become an integral part of our daily life that we can hardly do without. It is also noteworthy to mention that business services alone contributed N15Bn to Lagos's GDP in 2012 and we project that this would grow at a conservative 15% in the near future. We aim to tap into this enormous market and the potential it holds.