LASG REAFFIRMS SUPPORT FOR SMEs
… As Ikoyi-Obalende LCDA, Momo Bank empowers 1000 Women
The Lagos State Government has reiterated its commitment to providing the necessary support and enabling environment for SMEs to foster socio-economic development in the State.
The Special Adviser to the Governor on Housing, Barr. Barakat Odunuga-Bakare disclosed this during the disbursement of N50 Million in grants to 1000 small businesswomen at the “Empowering Her Fortune Initiative 2.0” event. The event was organised by the Ikoyi-Obalende LCDA and held at the Muson Centre, Onikan, Lagos, on Tuesday.
The Special Adviser, speaking during the empowerment programme organised in partnership with MTN Momo Payment and Service Bank. highlighted that the initiative would create jobs and significantly contribute to the State’s economic growth and development.
According to her, the partnership recognises the crucial role of Medium and Micro Enterprises in boosting the country’s economy, noting that the Lagos State Employment Trust Fund (LSETF) assists businesses through financial support and serves as an incubator for entrepreneurs in Lagos State.
Odunuga-Bakare also mentioned that tax incentives and a conducive business environment are part of the State’s goals to help businesses grow.
In a Goodwill Message, Senator Wasiu Sanni Eshinlokun, representing Lagos State Central, stated that the grant would boost small-scale businesses at a time when the nation is facing economic hardship.
He noted that the council complements the Federal and State Governments’ efforts to address socio-economic challenges.
Addressing the gathering, the Lagos State Commissioner for Youth and Social Development, Mr. Mobolaji Ogunlende expressed readiness to collaborate with Momo Bank to extend the programme to youth across the state.
He emphasised the state’s commitment to empowering youth and highlighted their non-violent conduct during the #EndBadGovernance protest. The Commissioner solicited support in fighting the drug menace, which has become a major issue in the state.
The Chairman of Ikoyi-Obalende LCDA, Hon. Fuad Atanda-Lawal underscored the need for continued grassroots support through sincere collaboration to solve the current economic hardship. He disclosed that the past beneficiaries had effectively utilised the initial support from the council.
Atanda-Lawal, however, announced an additional N100 Million commitment to the project in December, aiming to build a better Ikoyi-Obalende.
In solidarity, the Chairman of Eket Local Government Area of Akwa Ibom State, Akaniyere Tommey Ikot praised the timely empowerment initiative.
He stressed the importance of financial inclusion for unlocking women’s potential and empowering them to make better life decisions. Ikot believes that poverty, a man-made issue, can be addressed with initiatives like this, which he described as a moment for change.
The Director-General of SMEDAN, Mr. Charles Odi stated that government policies to enhance 40 million MSMEs, with 38 million being NANO businesses, are yielding results.
He disclosed that the Federal Government had released N50 Billion to at least One million NANO businesses to boost their capacity. He urged small-scale business owners to join cooperatives to access funding from this initiative.
Mrs. Omolara Michael-Nwadu, representing Momo Payment and Service Bank, described MSMEs as the engine room of growth and development in the country. She believes the programme will transform the lives of women running MSMEs in the area and praised the partnership with Ikoyi-Obalende LCDA, noting MTN’s numerous interventions in this regard.
Michael-Nwadu encouraged beneficiaries to have confidence in the Momo Bank and use the grant judiciously. She stated that the event demonstrates progressive collaboration with the government, which will elevate their businesses to the next level.