L-R: Kano State Commissioner for Land and Physical Planning, Abdujabar Garko; Deputy Governor of Jigawa State, Engr. Aminu Yusuf; Deputy Governor of Lagos State, Dr. Kadri Obafemi Hmazat; Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso; Publisher Business Day Limited, Mr. Frank Aigbogun and Deputy Governor of CBN 2024 Business Day Newspaper CEO Forum, held at the Balmoral Hall, Federal Palace Hotel, Victoria Island, Lagos, on Thursday.

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.