By Olasunkanmi Akoni
Lagos State Governor, Mr. Babajide Sanwo-Olu, has advocated the need for low interest rates for Micro Small, and Medium enterprises, MSMEs, especially women entrepreneurs in the country in order to further provide financial support for growth in their respective businesses.
Sanwo-Olu, made the remark on Thursday, at an event organized by the state government through the Ministry of Commerce, Cooperatives, Trade and Investment, in collaboration with Women Entrepreneurs and Professionals Development Network, WEPDN, to mark the International Women’s Day 2024, themed, “Inspire Inclusion: “Economic Inclusion of Women Entrepreneurs, NANOs/MSMEs, at the Grass root/Community Level,” held at Alausa, Ikeja, Lagos.
The governor, who was represented by his Deputy, Dr. Obafemi Hamzat, said only loans with single-digit interest rates can help unlock the growth of small businesses, saying MSMEs create the most jobs and therefore should be supported with low-interest funds to enable them to do more.
According to Sanwo-Olu, Lagos State will ensure more women are brought into the net of the state’s empowerment programmes that will allow women to contribute to the growing economy.
The governor said that the state was paying attention to women empowerment and has up-scaled its efforts in that regard to ensure provision of capital, training and network necessary to grow their businesses.
Sanwo-Olu added, that the event was designed to offer a financing platform, training on digital marketing and skills financial inclusion as well as presenting free Point of Sales Machines, POS, to enhance their businesses and other gifts from a commercial bank (names withheld).
“Today, as we look to the future, we are committed to building on these foundations with even greater enthusiasm. Our focus is on leveraging technology to create more accessible platforms for women entrepreneurs, especially at the grassroots level.
“This is one of the reasons why we embarked on the 6,000 kilometer Fiber Duct Infrastructure Project. The first phase, which is 3,000 kilometers, is nearing completion.
“My charge to the Ministry and our technical partners; Banks is to lower the interest rates on this category of women, so that it is not this twenty-five per cent that will be killing.
“We must look at how to ensure that the loans are not as prohibitive as for normal commercial enterprises, because these are like Mini and Micro businesses.Related NewsNigeria records second electricity system collapse in 2024Investors gain N4.4trn as banking sector leads stock trading Anambra woman loses pregnancy in police custody
“With this project, we envision a Lagos where every woman entrepreneur, regardless of her location or the size of her business, has access to internet and data resources needed to grow and succeed. The project will complement the digital literacy programs and e-commerce platforms tailored for women-owned enterprises, ensuring that the digital economy becomes a vast field of opportunities for all.”
Sanwo-Olu stressed that Lagos State has initiated specific economic recovery programs that have supported women-owned businesses to thrive, with grants, extended loan moratoriums, and business advisory services which has helped them to navigate the current business climate.
Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, explained that the forum was initiated to recognise and discuss the indispensable role women play in shaping businesses, leading to economic prosperity.
Ambrose-Medebem added that despite the enormous contributions of women to the growth and development of the nation, they were still facing numerous challenges that impede their economic empowerment and inclusion, stressing that Lagos State government has programmes that will remove those barriers.
“We must prioritise policies and programmes that promote women’s access to education, training and entrepreneurship opportunities. We must invest in initiatives that provide women with access to finance, markets, and technology, enabling them to start and grow their businesses sustainably.
“Furthermore, we must actively challenge and dismantle discriminatory laws, customs, and attitudes that perpetuate gender inequality and limit women’s economic participation. Empowering women economically requires a comprehensive approach that addresses the intersecting factors of gender, poverty, education, health, and social protection.”
She therefore, urged entrepreneurs at the grassroots and community level, to recommit themselves to the growth and development of women-owned businesses and harness the opportunity to access all necessary support to thrive and fulfill their potential.
The President, Mrs. Affi Ibanga, said the strategic conference was designed to development stride in the state, saying “it will help to facilitate women inclusion in the scheme of things, especially at the community level where many of the women reside.
‘’It is my ardent desire that this programme will help our young ones, especially women off the streets for productive ventures. It is aimed at given the women an opportunity to negotiate their livelihood on their very own terms,’’ she said.
Ibanga said the collaboration between state Ministry of Commerce, Cooperative, Trade and Investment, and WEPON, is to provide a platform to promote women businesses, access to market, international exposure and opportunity to exhibit their innovative ideas, product and services.
