Sanwo-Olu Canvasses Low Interest Rate For MSMEs

Lagos State Governor Babajide Sanwo-Olu has canvassed for low interest rates for Micro Small and Medium Enterprise (MSMEs) in the country to allow them access financial support and thrive in their respective businesses.
Governor Sanwo-Olu spoke yesterday at the celebration of International Women’s Day held at the Blue Roof Ikeja, with the theme: “Economic Inclusion of Women Entrepreneurs (NANOs/MSMEs) at the Grassroots/Community Level”.

The governor said only loans with single-digit interest rates can help unlock the growth of small businesses, saying micro, small and medium enterprises (MSMEs) create the most jobs and therefore should be supported with low-interest funds to enable them to do more.
Sanwo-Olu, who was represented by his deputy, Dr. Obafemi Hamzat, pledged that the state government would ensure more women are brought into the net of the state’s empowerment programmes that will allow women to contribute to the growing economy.

The governor said the state pays attention to women empowerment and has upscaled its efforts in that regard to ensure provision of capital, training and network necessary to grow their businesses.
He said the event was designed to offer a financing platform, training on digital marketing and skills financial inclusion as well as presenting free Point of Sales Machines (PoS) to enhance their businesses and other gifts from Lotus Bank.

In her address at the maiden event organised by the Ministry of Commerce, Cooperatives, Trade and Investment in collaboration with Women Entrepreneurs and Professional Development Network (WEPDN), the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem said the forum was initiated to recognise and discuss the indispensable role women play in shaping businesses, leading to economic prosperity.

Ambrose-Medebem said despite the enormous contributions of women to the growth and development of the nation, they were still facing numerous challenges that impede their economic empowerment and inclusion, stressing that Lagos State government has programmes that will remove those barriers.