LASG CONVENES STAKEHOLDERS' ENGAGEMENT TO ADDRESS PAYMENT DELAYS BETWEEN SUPERMARKETS, SMEs
The Lagos State Government, through the Ministry of Commerce, Cooperatives, Trade and Investment, on Tuesday, August 18th, convened a Stakeholders’ Engagement meeting between supermarket owners, Small and Medium Enterprises (SMEs), and relevant Regulatory Agencies to address the growing concern of delayed payments and promote compliance with agreed payment terms.
The engagement, which was held at the MCCTI Conference Room in Alausa, Ikeja, brought together Industry Stakeholders for meaningful conversations, as well as collaborative efforts aimed at fostering transparency, encouraging timely payments, and strengthening trust between businesses and their Partners.
Speaking at the Event, the Director of the Agribusiness Support Unit, Mrs. Muminat Osiefa-Atitebi, who represented the Honourable Commissioner for Commerce, Cooperatives, Trade and Investment, Hon. Folashade Bada Ambrose-Medebem, underscored the Ministry's Commitment to creating an enabling Environment where businesses can thrive.
She described the Engagement as an opportunity to listen, understand different perspectives, and work towards a healthier and more sustainable Business Ecosystem.
In his remarks, the Managing Director/CEO of Spectra Industries Limited and Betamark Production Company, Mr. Duro Kuteyi, highlighted the critical role of SMEs in Nigeria's Economic growth, noting that they create jobs and produce locally manufactured goods.
He observed that Supermarkets serve as important distribution channels, helping SMEs reach more consumers.
Mr. Kuteyi expressed concern over the growing trend of supermarkets delaying payments to SME suppliers beyond agreed credit periods, which creates cash-flow problems and makes it difficult for SMEs to restock and sustain their operations.
He averred that the meeting aims to strengthen collaboration between Supermarkets and SMEs by promoting compliance with agreed payment terms.
Mr. Kuteyi reiterated that timely payment was essential for the survival and growth of SMEs and the stability of supply chains. He charged Supermarkets, SMEs, and Government to reaffirm their shared commitment to fair, transparent, and sustainable commercial practices.
"Compliance with the Stakeholders’ Demands will contribute to a more resilient business environment, enhanced investor confidence, and sustainable economic development," he stated.
The Lagos State Government reaffirmed its commitment to fostering an enabling business environment where businesses of all sizes can operate, grow, and contribute meaningfully to the State's Economic prosperity.
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