Lagos plans additional N5bn palliative for MSMEs

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Babajide Sanwo-Olu, Lagos Governor

Lagos State Governor, Babajide Sanwo-Olu, has revealed that the state plans another palliative to the tune of N5bn to bail out Micro, Small and Medium enterprises (MSMEs) in the state and help to cushion the effects of the Covid-19 pandemic. The measure is expected to help ensure the survival of those businesses as well as reduce job losses.

Sanwo-Olu disclosed this at an interactive private sector webinar organised by the Lagos Chamber of Commerce and Industry (LCCI) on Wednesday.

The governor also announced than an internship program which would accommodate not more than 10,000 persons will be launched within the next one month. The program will provide opportunities for the citizens to acquire additional skills.

“These persons would be paid over the duration of training expected to be between three to six months. We need to engage people, make them employable by your industries and put monies in their hands so that they can buy the products you manufacture,” Sanwo-Olu said.

Plans are also underway to draw single-digit borrowing through the Central Bank of Nigeria and suspend all interest on borrowings on the state’s trust fund.

To prevent food shortage, the Governor disclosed that the state will be collaborating with other states in the South west region for the purpose of food transportation within the member states.

He also disclosed that the state would complete the country’s biggest rice mill by December to also address issue of food shortage.

“There are still some food items in the warehouse and we are working on distribution models to ensure they get to the masses,” the governor disclosed.

 

 

 

 

 

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