Lagos State's Abdulahmed Mustapha outlines strategies to build wealth

Lagos State's Ministry of Wealth Creation and Employment has taken a proactive approach towards eradicating unemployment by partnering with Service City Africa to provide a virtual market for artisans in the state. This innovative platform, known as Service City, aims to empower artisans and small-scale businesses by showcasing their skills to end users in a secure environment. CNBC Africa had the opportunity to speak with the Permanent Secretary of the ministry, Abdulahmed Mustapha, to delve into the state's strategies for creating wealth within its borders. Mustapha highlighted the state government's commitment to supporting artisans and small-scale businesses, emphasizing the importance of initiatives like the Employment Trust Fund (ETF) in driving economic growth. The ETF, with a funding goal of $25 billion over four years, has already disbursed nearly half of its allocated amount to support 150 small-scale businesses in Lagos State. In addition to financial assistance, the Ministry of Wealth Creation and Employment is focused on identifying and addressing the barriers and challenges faced by artisans and small-scale businesses. By organizing breakout sessions and gathering crucial insights, the ministry is developing targeted strategies to intervene in various sectors of the economy and promote sustainable growth. One of the key initiatives introduced by the ministry is the registration of all artisans in Lagos State to streamline operations and leverage technology for their benefit. Mustapha emphasized the role of technology in modernizing traditional industries, citing the example of Service City as a platform to connect certified artisans with end users in need of their services. This not only ensures quality service but also enhances customer trust and convenience. Service City is poised to revolutionize the way artisans operate by providing a digital marketplace where customers can rate and review their experiences, thus promoting accountability and professionalism within the sector. Moreover, the integration of a payment gateway enables seamless transactions and aligns with the state's financial inclusion strategy, aimed at empowering artisans to access additional financial services. Looking ahead, the sustainability of initiatives like Service City is key to their long-term success. By implementing service charges to cover operational costs and ensuring the platform's self-sufficiency, the ministry aims to create a thriving ecosystem for small-scale industries to flourish. With increased access to finance and a broader market reach, artisans in Lagos State are poised to expand their businesses, enhance their working capital, and ultimately create more job opportunities for the local community. In conclusion, the partnership between Lagos State's Ministry of Wealth Creation and Employment and Service City Africa signifies a bold step towards empowering artisans and small-scale businesses in the state. By leveraging technology, fostering financial inclusion, and promoting sustainable growth, the ministry is laying a strong foundation for economic prosperity and job creation in Lagos State.