Mukhail Adetokunbo Abiru, senator representing Lagos East Senatorial District and chairman, Senate Committee on Industries, has unveiled a N300 million constituency revolving loan scheme at 6 percent interest rate per annum.
While unveiling the loan, which is targeted at Micro, Medium and Small Enterprises (MSMEs) living or doing business in Lagos East Senatorial District, Abiru also called on the MSMEs to apply for the loan to enable them grow their businesses.
Recall that on November 14, 2021, the senator, who is popular with the #DoingGood Senator, in partnership with The Fate Foundation and Standard Chartered Foundation, organised a one-day MSME workshop for over 1,000 MSMEs drawn across 98 wards in the 16 LGAs/LCDAs in the Lagos East Senatorial District.
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The training, which attracted executive leadership of business-related regulatory agencies and partners like; BOI, SMEDAN, CAC, LIRS, NAFDAC and LSETF, greatly enhanced the capacity of MSMEs in the district.
In addressing the dearth of knowledge, which is one of the major reasons MSMEs fail, a knowledge pack containing seven valuable books covering areas like; financial management, human capital, legal, strategy, marketing and communication, digital technology and tax management authored by reputable corporations including; Deloitte, KPMG, Verraki among others, were given free of charge to all participants.
Participants also received Enterprise Development Certificates after the training.
In fulfillment of the promise made to constituents at the event, Senator Abiru will on September 15, 2022, formally launch the N300 million constituency revolving loan.
It is also worth mentioning that in June 2022, he empowered about 1,250 market women and traders with the sum of N50, 000 each as financial grants totaling N62.5 million to support their businesses. Hand-planters and financial grants of N20, 000 were also given to 200 rural farmers in the agrarian part of the district.
