Lagos state governor, Babajide Sanwo-Olu, has canvassed low-interest rates for Micro Small, and Medium Enterprise (MSMEs) in the country to allow them access to financial support and thrive in their businesses.
Sanwo-Olu spoke at a celebration of International Women’s Day (IWD) organised by the Ministry of Commerce, Cooperatives, Trade, and Investment, in collaboration with Women Entrepreneurs and Professional Development Network (WEPDN).
It was themed ‘Economic Inclusion of Women Entrepreneurs (NANOs/MSMEs) at the Grassroots/Community Level’.
According to the governor, only loans with single-digit interest rates can help unlock the growth of small businesses. He noted that MSMEs create the most jobs and therefore should be supported with low-interest funds to enable them do more.
The governor also promised that more women will be covered by the state’s empowerment programmes to help them contribute to the growing economy.
Sanwo-Olu, represented by Deputy Governor Obafemi Hamzat, said the state is paying attention to women empowerment and has upscaled efforts to provide 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.
“Today, as we look to the future, we are committed to building on these foundations with even greater enthusiasm. Our focus is on leveraging technology to create more accessible platforms for women entrepreneurs, especially at the grassroots. This is one of the reasons why we embarked on the 6,000-kilometer Fiber Duct Infrastructure Project. The first phase, which is 3,000 kilometers, is nearing completion.
“My charge to the ministry and our technical partners, the banks, is to lower the interest rate on this category of women so that it is not this 25 percent that will be killing. We must look at how to ensure the loans are not as prohibitive as for normal commercial enterprises because these are mini and micro
“With this project, we envision a Lagos where every woman entrepreneur, regardless of her location or the size of her business, has access to the internet and data resources needed to grow and succeed. The project will complement the digital literacy programs and e-commerce platforms tailored for women-owned enterprises, ensuring that the digital economy becomes a vast field of opportunities for all,” Sanwo-Olu said.
