LAGOS REITERATES COMMITMENT TO EMPOWER SMEs

Investment in infrastructures such as roads, transportation, alternative power generation and security have been identified as policy strands to be implemented over the next four years as the Lagos State Government looks to steadily grow the State’s economy.

Speaking at the Fidelity SMEs Funding Connect-Lagos held in Lagos, the Deputy Governor, Dr. Kadri Obafemi Hamzat explained that the present administration’s development Agenda tagged: T.H.E.M.E.S is aimed at empowering Small and Medium Entrepreneurs because of their distinctive position to create more jobs and grow the economy.

He declared “We will create a vibrant environment for SMEs to carry out their business and impact the people. We are also ready to partner with relevant stakeholders particularly the private sector, financial institutions and individuals to empower, support and strengthen the SMEs to transform the economy of the State”.

Hamzat also stated that the Lagos State Employment Trust Fund in the last four years gave loans to 10,656 SMEs and recorded an 89% loan repayment which has culminated in the creation of 95,525 new jobs.

While also promising that the State government is prepared to support SMEs, the Deputy Governor maintained that the present administration is aware of the challenges facing the sector such as infrastructure deficit, frequent public policy somersaults and over-regulation among others.

Acknowledging the role SMEs have played over the years, Dr. Hamzat explained that the State Government will leverage their abilities in employment generation, poverty alleviation and revenue generation.

In his words, “Globally, SMEs or entrepreneurs are the engines of socio-economic transformation including industrialisation. They provide a vital platform to enhance technological and entrepreneurial capacity amongst various segments of the people”.

“Large numbers of people rely on small and medium enterprises directly and indirectly. They play a big role with their contribution to labour absorption, poverty alleviation and revenue generation. The critical importance of this sector warrants much more attention by all the stakeholders”, he added.

Dr. Hamzat, therefore, commended Fidelity Bank for providing a platform for government engagement, describing their efforts as being in alignment with the vision of the administration.

Earlier in his opening remarks, the Managing Director/Chief Executive Officer, Fidelity Bank, Mr. Nnamdi Okonkwo noted that in spite of the huge potentials of MSMEs to create employment opportunities for the country’s youth population, they remain largely bedevilled by a number of problems with limited financing option being one of the main drawbacks they face.

He explained that the essence of the SME funding Connect-Lagos initiative is to bring fund-providers together to enable funding for entrepreneurs who desire credit facilities through a structured process.

Okonkwo stated further that, apart from Lagos, the Regional SME Conferences will also hold in Port-Harcourt, Ibadan, Aba and Kano in the course of the year and at designated times in the Year 2020.

He emphasised that the Bank intends to use the platform provided by the events to connect existing businesses with local and international fund providers, thus drawing widespread attention to the plight of MSMEs in Nigeria.