1 Sen. Adetokunbo Abiru (Lagos East) facilitated a N300 million intervention on a revolving loan with an interest rate of six percent for 1,000 micro, small and medium enterprises (MSMEs) in the neighborhood.
2 Abiru, the Chairman of the Senate Industries Committee, made this known during the official unveiling of the loan to 1,000 beneficiaries in Lagos on Thursday.
3 The press agency of Nigeria reports that the Lagos East Senatorial Area consists of five Local Government Areas namely Epe, Ikorodu, Somolu, Kosofe and Ibeju Lekki.
4 Abiru noted that the loan facility was in pursuit of its commitment to improving economic life and empowering the people.
5 The lawmaker said economic empowerment would go a long way in reducing unemployment and eradicating poverty.
6 Sen. Tokunbo Abiru
He said, “MSMEs play an important role in the process of economic development, and this reality is recognized globally.
seven “They play a crucial role in job creation, income redistribution, mobilization of small savings, technological adaptation, economic inclusion and many more.
8 “In Nigeria, MSMEs account for around 50% of our gross domestic product and over 80% of employment and have footprints in all sectors of our economy.
9 “Therefore, they provide good channels for achieving the development goals of job creation, economic inclusion and poverty reduction.
Abiru said the Constituency Intervention Revolving Loan for MSMEs would go a long way in bringing relief to their many small businesses in the Lagos East district.
11 He urged the beneficiaries to use the loan to empower themselves and repay it at the stipulated period of one year, adding that the fund was not free money for them.
12 The senator said that Small and Medium Enterprises Development Agency of Nigeria (SMEDAN)the Bank of Industry (BoI) and the Lagos State Employment Trust Fund (LSETF) contributed N100 million each to the N300 million loan.
13 Abiru said applicants must provide a recent tax clearance certificate, LASRRA identity document, bank details, BVN, TINproof of training with a recognized business development center, AT M map.
14 The Governor of Lagos State, Mr. Babajide Sanwo-Olu praised Abiru for facilitating the constituency intervention loan at a modest rate of six percent.
15 This, he said, has helped to ameliorate one of the key challenges preventing MSMEs from thriving to their full potential, especially during the recovery period from the impact of the COVID-19 pandemic on businesses. small enterprises.
16 Sanwo-Olu, represented by his Deputy Chief of Staff, Mr. Gboyega Sayannwonoted that the initiative also recognizes the role played by MSMEs in economic growth and the creation of employment opportunities in all sectors of the economy.
17 He said, “At the state level, we recognize the essential role and contribution of MSMEs and the need to provide them with full support.
18 “It’s about overcoming any challenges they may face, especially in the areas of access to finance and capacity building.
The CEO of BoI, Mr. Kayode Pitanurged recipients to use the fund to negotiate and strive to repay in a timely manner so that the cycle is not interrupted.
Pitan said the BoI remained an advocate for poverty reduction and job creation for young people.
NOPE reports present at the unveiling were party leaders, women leaders, market leaders, traditional chiefs, youth leaders and members of the House of Assembly in the senatorial district.