We Will Continue To Support SMEs – Lagos State Government

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The Deputy Governor of Lagos State, Dr. Idiat Oluranti Adebule, has reiterated the commitment of the state to promote the growth of Small Mediums Scale Enterprises (SMEs).

This, she said followed the recent inauguration of the N25 billion Employment Trust Fund (ETF) aimed at encouraging developing artisans and entrepreneurs in the state.

Adebule who disclosed this yesterday at the LEAP Africa annual 11th Chief Executive Officers (CEOs) Forum with the theme: “Attracting Financing for Your Business: Strategies and Opportunities,” in Lagos, noted that the state was fully committed to encouraging SMEs through deliberate programmes and projects in collaboration with relevant agencies with the hope of generating employment and creating wealth.

According to her, “the state has held a mini-trade fair for locally made goods in its bid to commemorate industrialisation day.”

She explained that the administration remains committed to delivering good governance to the people and help businesses grow through the provision of better infrastructure, adding that the state government is ready to build the society of great economic value for everyone.

Adebule who was represented at the forum by the Director, Lagos state Ministry of Education, Mrs. Aniyeloye Omotayo, stated that as part of efforts to support SMEs, the state instituted the micro-finance fund established under the Office of state Micro-Finance Institution. She noted that the institute seeks to provide additional funds to interested Micro-banks which in turn would grant loans to entrepreneurs.

She added: “The continued slide of the naira to the dollar, the falling oil prices, multiple taxations, the drop in interest rates, inadequate power supply, dilapidated infrastructure and others are some of the issues we need to discuss and find lasting solutions to. There is no doubt that building businesses from the small to the top takes a lot of financial commitment and dedication.

In his remark at the event, the Managing Director of Financial Derivatives, Mr. Bismarck Rewane decried the delay in decision-making process in the country, the uncertainty about direction and the prices of petroleum products.

He noted that there has been euphoria in the stock market when the Central Bank of Nigeria (CBN) announced that it would adopt a new flexible exchange rate policy.


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