Last updated on August 5th, 2023 at 10:04 pm
Lagos State Micro, Small, and Medium Enterprises (MSMEs) is likely to be the biggest in Nigeria if the state government continues with its present support for small business owners.
While Lagos continues to support SMEs, one of Nigeria’s banks also has a programme for small business owners where they can showcase their ideas and received supports, more detail is at: https://infomediang.com/fcmb-flexxpreneur-of-the-month
The commercial city has not only created an avenue for SMEs to grow in the state, but it has also won the hearts of many big players in the financial sector to boost the activities of SMEs in the state.
The recent statement by Governor Babajide Sanwo-Olu that the state government has invested N103 billion to boost MSMEs isn’t a mirage.
The Lagos State Employment Trust Fund (LSETF) which is the agency in charge of the employment and entrepreneurial drive of the state government is in partnership with Ecobank Nigeria.
Access Bank is also collaborating with Lagos to reduce unemployment in the state through the promotion of entrepreneurship and capacity development for Lagos-based micro, small and medium enterprises (MSMEs).
“In the last two years, we have committed significant resources to the sustainability of the MSMEs, but the pandemic has further exposed the need for the public and private sector to meticulously develop the capacity of our MSMEs for growth and profitability,” Sanwo-Olu said.
MSMEs Should Count on Lagos Government
With the memorable partnerships with some banks, the state says small businesses can always count on it to provide the necessary backing for trade promotion and business development.
The state extended the tax filing deadline by 60 days and the loan moratorium by 90 days to ease MSMEs’ working capital challenges.
Low-interest loans to the tune of N10 billion have been provided to MSMEs through the Lagos State Employment Trust Fund.
“Our investment in MSMEs reflects our goal of making sure that small businesses are technically and financially empowered to generate lasting wealth,” he said.
And recently, the Commissioner for Commerce, Industry, and Cooperatives in Lagos State, Dr. Lola Akande, said Lagos will continue to provide an immediate market for small business owners and provide exposure and visibility locally and globally for SMEs.
She stated this at the just concluded Lagos Micro Small and Medium Enterprises Exclusive Fair while speaking on the topic: ‘Effects of COVID-19: Charting the way forward for MSMEs in Lagos’.
“It is hoped that enough impact has been made and the lessons learned would lead to improved business awareness, potential partnerships and the beginning of viable customer relationships.”
From our research, hundreds of small business owners have benefited from the Lagos State Employment Trust Fund.
Kindly check our next guide on how to apply for LSETF loan