Lagos Governor Babajide Olusola Sanwo-Olu has announced distribution of approximately N25 billion in grants and loans to Small and Medium Enterprises (SMEs) via the Lagos State Employment Trust Fund (LSETF) to boost productivity and economic growth.
Sanwo-Olu announced this on at the 2024 Business Day Newspaper CEO Forum, with the theme: “Governors in Conversation – Innovative Governance: Steering States through Economic Turbulence”, held at the Balmoral Hall, Federal Palace Hotel, Victoria Island, Lagos.
Governor Sanwo-Olu, represented by Deputy Governor Dr. Kadri Obafemi Hamzat, highlighted the positive impact of the financial assistance on local entrepreneurs.
“The Lagos State Employment Trust Fund over the past six years has given out close to 25 billion naira in terms of grants and assisting people with loans. In this case, single-digit loans were offered to them to sustain and train them on how to manage their businesses”. he stated.
He added that the state government also helped them to source products, have access to the market, and help them interact with NAFDAC, BOI, CAC, and Standard Organization of Nigeria (SON) among other agencies in order to understand how to run their businesses within the framework of the laws.
“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 emphasized that the administration is focused on enhancing the business environment, particularly for Nano SMEs, by providing essential support to ensure their success.
“These are the goals of our administration as embedded in the T.H.E.M.E.S Plus developmental agenda with the M representing Making Lagos a 21st Century Economy”, said the Governor.
The Governor also outlined several initiatives to foster business development, including the Knowledge, Innovation, Technology, and Employment (KITE) hub for young entrepreneurs, the Lagos State Research and Innovation Council (LASRIC) for fintech and tech startups, and the Lagos Financial Centre for financial services.
Additionally, he mentioned the creation of the largest food hub in Imota to improve food storage and security, further supporting young innovators in turning their ideas into businesses.
