Mukhail Adetokunbo Abiru, the chairman, Senate Committee on industries, on Monday empowered 1,000 small and medium businesses within the Lagos East district.
The empowerment programme was announced by the Senator during Monday’s one-day MSME Clinic/Workshop organized in conjunction with The Fate Foundation.
The federal lawmaker said that 1,000 MSMEs in the constituency would benefit from N100 million intervention funds as well as asset finance for equipment acquisition at a highly subsidized interest rate.
Abiru, an accomplished banker said the training was to enhance the capacity of micro, medium and small business owners in the Senatorial district, adding that lack of capacity had been identified as one of the major reasons MSMEs fail.
He added that the empowerment programme was necessary to further equip businesses with the prerequisite business information, and connect them with certified and approved government/private sector consultants at no cost to help them, addressing specific challenges in their businesses like tax and regulatory issues.
“The programme was also aimed at providing small businesses with funding advisory, and access to markets; digital marketing, and trade union/societies in Epe, Ibeju-Lekki, Ikorodu, Kosofe, and Somolu Local Government Areas respectively, which collectively make up Lagos East Senatorial District,” Abiru said.
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According to him, the sector accounts for over 70 percent of the labour force and contributed about 50 percent of the country’s Gross Domestic Product, GDP, hence the empowerment programme.
Highlighting the critical roles MSMEs play in the nation’s economic development, the Senator said MSMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development, adding that they represent about 90percent of businesses and more than 70percent of employment worldwide
The empowerment programme had major figures in the MSMEs ecosystem in attendance like Olukayode Pitan, managing director, Bank of Industry, , The executive chairman, Lagos State Inland Revenue Service (LIRS) Ayodele Subair, executive secretary, Lagos State Employment Trust Fund, Tejumola Abisoye, officials from Small and Medium Enterprise Development Association of Nigeria (SMEDAN) led by the agency’s Director of Planning Research, Monitoring and Evaluation, Wale Fasanya and Standards Organization of Nigeria(SON) team led by the Head of SME desk, Phebean Arumemi and renowned business consultants.
A former Lagos State Commissioner of Finance and Governor’s Advisory Council member, Olawale Edun applauded the gesture of Senator Tokunbo Abiru describing the business aid as a great initiative.
Also, a former Minister of works, Senator Adeseye Ogunewe urged other elected public office holders to learn from the giant strides of Abiru.
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