Entrepreneurship

Lagos to support MSMEs with N5bn stimulus

The Lagos State Governor, Sanwo-Olu, has declared that the state is developing measures to mitigate the impact of the coronavirus pandemic on the Micro, Small and Medium Enterprises (MSMEs) in the state.

Part of the measures is a further N5 billion bailout aimed at ensuring business sustainability and boosting economic growth.

Sanwo-Olu made the disclosure at a private sector interactive webinar put together by the Lagos Chamber of Commerce and Industry on Wednesday.

Read:  Hyundai’s move to set up car plant in Nigeria excites Buhari.

He stated that the palliative would help MSMEs remain buoyant and curb job losses, assuring that a skill-acquisition internship programme, which is intended to train up to 10,000 people, will kick off soon.

“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.

The governor said plans to draw a single-digit borrowing through the Central Bank of Nigeria and suspend all interests on the state’s trust fund were in the pipeline.

Read:  Ecobank Extends Zero Charge for Digital Money Transfers.

He enjoined manufacturers to adopt longer and overnight shifts in conformity with safety measures.

According to him, Lagos state would be completing the biggest rice mill in the country by December to boost the country’s food security.

Sanwo-Olu affirmed that the synergy with other south-western states and a number of northern states to address interstate food transportation challenges was ongoing.

Read:  Shuttlers Raises $1.6M Seed to Expand Operations.

“There are still some food items in the warehouse and we are working on distribution models to ensure they get to the masses,” he said.

Related posts

Afrigrant Foundation, Money Trust MFB launch ‘Revive’ for market women.

NigGal

Nigerian insurtech startup Octamile raises $500k pre-seed as it exits stealth mode.

NigGal

Applications open for $120k ARM Labs Lagos Techstars accelerator programme

NigGal

31-year-old Oluwatobi: From Mercedes-Benz internship to Forbes list.

NigGal

Gift Udoh: US Honours Nigerian Lady For Contribution Towards Farming

NigGal

Nigeria’s CredPal secures $15M in debt and equity to scale its BNPL product across Africa

NigGal

Leave a Comment