Lagos Injects N8.4 Billion Into SMEs in Four Years

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About N8.4 billion loan has been disbursed to support over 12,710 micro, small, and medium enterprises (MSMEs) over the last four years, Babajide Sanwo-Olu, Lagos State Governor has said.

The intervention comes as part of an effort targeted at boosting the ease of doing business and improving the potential of local production to maximize profit, he said, speaking at the closing event of the Lagos International Trade Fair.
“We have been promoting locally made products by facilitating access to the market for entrepreneurs. For instance, the State continues to organize the MSMEs Exclusive Trade Fair and Exhibition, among several other efforts to expose the products of our MSMEs and assist them in gaining more access to local and regional markets,” the Governor said.
He noted that the government has sustained engagement with critical stakeholders through the Lagos Corporate Assembly quarterly meeting of the Lagos State Council on MSME, which spurs new inputs for policy development.
Governor Sanwo-Olu emphasized significant investments in infrastructure development including road construction, integrated intermodal multi-modal transportation systems, and the installation of a 3,000-kilometer metropolitan fiber optic cable network across the state.

The governor further highlighted other initiatives aimed at alleviating poverty, reducing youth unemployment, promoting human capital development, and enhancing the social welfare of citizens.

These initiatives are collectively geared towards creating a conducive environment for businesses to thrive and contribute to the state’s economic growth.

Earlier in the year, the State Technical Working Group on Africa Continental Free Trade Agreement (AfCFTA) was inaugurated to position the state to optimise the platform in boosting economic integration on the continent.

Highlighting the versatility of Lagos in the larger economy, Folashade Ambrose-Medebem, commissioner for Commerce, Cooperatives, Trade, and Investment, said the state contributes approximately 25 per cent to the gross domestic product.