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.

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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.

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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.

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“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.

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