SMEDAN gives 100 Lagos residents N100m grants for MSMEs

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has empowered 100 women and youths in Lagos State with N100 million grants to boost Micro, Small & Medium Enterprises (MSMEs).

The empowerment, facilitated by a member of the House of Representatives representing Oshodi/Isolo II Federal Constituency, Ganiyu Johnson, has women and youths drawn from various wards and tribes across the constituency to receive the funds.

Speaking at the event, the representative of SMEDAN, Mr. Olaiya Olagoke, said the sole mandate and responsibility of the agency as contained in the enabling 2003 Act of the Federal Republic of Nigeria was to stimulate, monitor and co-ordinate the development of the MSMEs sub-sector in Nigeria while urging beneficiaries to invest the funds in their businesses.

He said: “The 100 beneficiaries should not look at the grant as free money. It won’t be nice to see your faces worse than this next time we meet. Please, let us make use of the funds to expand our business. Use the money wisely.”

Ganiyu, who spoke on the selection process for beneficiaries, said it encompasses traders, youths and different tribes in the region, appealing to them to avoid the urge to spend the funds on Christmas and New Year celebrations.

“I want to congratulate the beneficiaries of this programme who have been meritoriously selected among numerous constituents of Oshodi/Isolo Federal Constituency II. It is not wise to use the money for Christmas or New Year celebrations. It is required of you to invest this money in whatever you are into so that your business will have a facelift in 2023. I have designed this programme to give financial support to our SMES, which will automatically accelerate the economic growth of Oshodi/Isolo after the strike of COVID-19 pandemic,” he said.

The lawmaker, who stated that he had sponsored a bill to amend the Federal Airports Authority of Nigeria (FAAN) Act CAP F5 to allow airport authorities capture Ejigbo, Ikeja, Isolo and Alimosho in their Corporate Social Responsibilities (CSR) plan, added that the expansion of Isolo-Mushin Road from Oke-Afa to Lagos State Polytechnic would soon commence.

He said a two-lane road network on both sides of the road had been drawn and work would commence after this year’s budget proposal.