The Lagos State Governor, Babajide Sanwo-Olu, announced that the state government has disbursed approximately N25 billion in grants and loans to Small and Medium Enterprises (SMEs) through the Lagos State Employment Trust Fund. This initiative aims to enhance productivity and foster economic growth within the state.
Sanwo-Olu made this disclosure during a business forum held
on Thursday, titled “Governors in Conversation-Innovative Governance: Steering
States through Economic Turbulence.” The forum, organized by Business Day
Newspaper, took place at the Balmoral Hall, Federal Palace Hotel, Victoria
Island, Lagos.
The Deputy Governor, Dr. Kadri Obafemi Hamzat, representing
the Governor, stated that the grants and loans have been instrumental in
empowering entrepreneurs to thrive in their business endeavors, thereby
contributing to economic growth.
According to Sanwo-Olu, the Lagos State Employment Trust
Fund has disbursed approximately twenty-five billion in grants and loans over
the past six years. “In this case, single-digit loans were offered to them to
sustain and train them on how to manage their businesses.”
Sanwo-Olu stated that the state government provided
assistance in sourcing products, accessing the market, and facilitating
interactions with regulatory agencies such as NAFDAC, BOI, CAC, and SON. This
support aims to enhance their understanding of operating businesses within the
legal framework.
“It is for us to create those types of environments that
allow private people to run their businesses and create jobs for the future,”
the governor stated.
He further stated that all these initiatives were
implemented by the government to ensure the growth of businesses within the
state. He emphasized that his administration’s goal is to support and enhance
the Nano SMEs by providing access to grants and loans, enabling their
businesses to flourish and achieve continued success.
Sanwo-Olu reaffirmed the administration’s unwavering
commitment to fostering a conducive business environment, facilitating business
growth, and empowering citizens to achieve their full potential.
“These are the goals of our administration as embedded in
the T.H.E.M.E.S+ developmental agenda with the ‘M’ Making Lagos a 21st Century
Economy,” said the governor.
The governor drew attention to several key initiatives
undertaken by his administration, with the express purpose of fostering a
conducive environment that encourages and facilitates the growth and
development of businesses.
“These include Knowledge, Innovation, Technology and
Employment (KITE), a hub that houses younger people who don’t have funds to
access an office or shop to operate. He also listed LASRIC, for Fintech and
other technology-driven businesses; Lagos Financial Center which creates a zone
for financial services, among other initiatives,” he said.
He also shared that the government is establishing a
substantial food hub in Imota. This hub will facilitate the aggregation of food
products entering the state, enabling proper food storage and ensuring food
security. These initiatives empower young individuals to showcase their
creative ideas and transform them into tangible realities by providing the
necessary support.
“It’s gratifying that young people are creating jobs using
the initiative of the state government like the LASRIC, for fintech and other
technology-driven businesses, so this is the environment we are creating”
Sanwo-Olu said.