Lagos supports 3,673 MSMEs, says commissioner

Lagos State Government has said it is committed to providing conducive environment and support for Micro Small and Medium Enterprises (MSME).

According to a statement, yesterday, the Commissioner for Commerce, Industry and Cooperatives, Dr. Lola Akande, disclosed this during a press briefing to announce the partnership between the state government and Lagos Island Connect (LIC) to organise the maiden edition of the Lagos Island Business Fair in November at Tafawa Balewa Square (TBS) Onikan in Lagos.

Akande added that the leadership of Governor Babajide Sanwo-Olu understood the role MSMEs play in economic development of the state and job creations.

According to her, Lagos State has provided social economic empowerment and interventions in various ways for the MSMEs.

“The support, which became more pronounced during and after the COVID-19 pandemic and the EndSARS protests, include grants to entrepreneurs through the Lagos Cares Initiative; supports to 3,673 MSME businesses to save a total of 10,005 direct jobs and 40,020 indirect jobs; moratorium on loans disbursed by the Lagos State Employment Trust Fund (LSETF) to entrepreneurs; extension of tax waivers to them and discounted permit fee for MSMEs by LASAA.”

Speaking earlier, the co-founder, Lagos Island Connect (LIC), Mrs. Yemi Ransome-Kuti, stated that its organisation, with the support of stakeholders, birthed the idea of a fit-for-purpose socio-economic model that is designed to meet both the present and future needs of businesses and youth population in the Lagos Island Area in particular and Lagos State at large.”

Ransome-Kuti commended the state government for its support for MSMEs in the state and for supporting the Fair.