LAPO Microfinance Bank Limited (LAPO MfB), a microfinance institution in Nigeria, has disbursed over N74 billion to Micro, Small, and Medium Enterprises (MSMEs) in the first half of the year 2023.
Nigeria is home to over 36.9 million MSMEs, comprising 96.7 percent of all businesses in Nigeria. 67 percent of these businesses are youth-owned. MSMEs contribute over 45percent to the country’s gross domestic product (GDP), with 98.8 percent of them in the micro cadre. They account for nearly 90 percent of the jobs in the country.
“LAPO MFB remains committed to its core mandate of providing easy access to credits to owners of micro, small, and medium enterprises as well as members of low-income households who are financially excluded from the formal financial sector,” Oluremi Akande, head of marketing and communications said.
According to him, this underscores the firm resolve to continue to promote economic activities and contribute meaningfully to economic growth.
Akande stated that LAPO MfB, in the last decade, disbursed over N1 trillion to owners of micro, small, and medium enterprises in Nigeria.
“Our 2023 strategic objective is to disburse over N200 billion by the end of the financial year,” he said.
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LAPO Microfinance Bank reiterates its commitment to over 30 years of social and economic empowerment of members of low-income households and owners of micro, small, and medium enterprises.
Experts said the President Bola Tinubu administration needs to urgently address fiscal, monetary, and trade reforms to effectively increase domestic production, thus serving to curb inflation, and to ensure better macro-economic stability by accelerating inclusive growth and job creation across Nigeria – key enablers for MSMEs to deliver prosperity for all.
In 2022, the largest contributors to Nigeria’s GDP in the first three quarters were the Services sector, which grew by 7.1percent mainly thanks to ICT and professional services, the Agricultural sector, which experienced weak productivity levels with growth of 1.8percent, and the Industrial sector, which remained in the contraction territory, posting negative growth of – 5.7percent over the same period. Yet, these sectors are where the jobs are. They are, therefore, the top priority of the next Administration.
