Lagos Earmarks N5bn To Support MSMEs

By Our Correspondent

The Governor of Lagos State, Babajide Sanwo-Olu, has said that the state is introducing measures to absorb the shocking effects of the COVID-19 pandemic on Micro, Small and Medium Enterprises in the state.

These measures, which include an additional N5 billion palliative, will ensure business sustainability and stimulate economic growth, Sanwo-Olu said.

The Governor made this known during a Private Sector interactive webinar organised by the Lagos Chamber of Commerce and Industry on Wednesday.

 He said the funds would enable MSMEs to stay afloat and reduce job losses.

He added that within the next one month, an internship programme, which would accommodate not less than 10,000 persons to acquire additional skills to keep them employed and engaged, would be embarked upon.

“These persons would be paid over the duration of training expected to be between three to six months. We need to engage people, make them employable by your industries and put monies in their hands so that they can buy the products you manufacture,” he said. According to the Governor plans to draw single-digit borrowing through the Central Bank of Nigeria and suspend all interest on borrowings on the state’s trust fund were underway.