The governor of Lagos State, Babajide Sanwo-Olu, has advocated for the nation’s MSMEs (micro, small, and medium enterprises) to have cheap loan rates so they may obtain funding and grow their own companies.
At yesterday’s International Women’s Day event at the Blue Roof Ikeja, Governor Sanwo-Olu gave a speech on the topic of “Economic Inclusion of Women Entrepreneurs (NANOs/MSMEs) at the Grassroots/Community Level.”
Micro, small, and medium-sized firms (MSMEs) are the ones that produce the most jobs, thus the governor claimed that only loans with interest rates in the single digits could assist small businesses grow. As a result, MSMEs should be given low-interest funding to allow them to expand.
In the presence of his deputy, Dr. Obafemi Hamzat, Sanwo-Olu promised that the state government will make sure more women are included in the state’s empowerment initiatives, enabling them to make contributions to the expanding economy.
According to the governor, the state has increased its efforts to support women’s empowerment and makes sure they have access to the networks, funding, and training they need to expand their enterprises.
He noted that in addition to providing free Point of Sale Machines (PoS) to help businesses grow and other presents from Lotus Bank, the event was intended to provide a platform for financing, training on digital marketing, and skills related to financial inclusion.
The forum was started to recognize and discuss the crucial role women play in forming businesses and fostering economic prosperity, according to Mrs. Folashade Ambrose-Medebem, Commissioner for Commerce, Cooperatives, Trade and Investment, during her speech at the inaugural event organized by the Ministry of Commerce, Cooperatives, Trade and Investment in partnership with Women Entrepreneurs and Professional Development Network (WEPDN).
Ambrose-Medebem emphasized that the Lagos State government has programs that would remove those hurdles, noting that despite women’s great contributions to the growth and development of the country, they continue to face multiple obstacles that restrict their economic empowerment and inclusion.