Lagos Remains Committed to the Growth of MSMEs as Ikoyi-Obalende LCDA/Momo Bank Empowers 1,000 Women

The Lagos State Government says it remains committed to providing necessary support and an enabling environment for SMEs to foster the socio-economic development of the state.

The Special Adviser to the Governor on Housing, Ms. Barakat Odunuga-Bakare, disclosed this at the distribution of ₦50 million in Smallbiz Grants to 1,000 women, an event tagged “Empowering Her Fortune Initiative 2.0,” organized by the Ikoyi-Obalende LCDA and held at the Muson Centre, Onikan, Lagos.

During the empowerment event, which was in collaboration with MTN Momo Payment and Service Bank, the Governor’s aide emphasized that the initiative will create jobs and contribute significantly to the growth and development of the state’s economy.

According to her, the partnership recognizes the crucial role of Medium and Small Micro Enterprises (MSMEs) in the quest to boost the country’s economy.

She noted that the Lagos State Employment Trust Fund continues to provide assistance to businesses through financial support and serves as an incubator for entrepreneurs in the state.

The Special Adviser also highlighted that tax incentives and a conducive environment are part of the state’s goals to help businesses grow.

On his part, the Director General of SMEDAN, Mr. Charles Odi, stated that government policies aimed at enhancing 40 million MSMEs, of which 38 million are NANO businesses, are yielding results.

He disclosed that the federal government had released ₦50 billion to at least 1 million NANO businesses to boost their capacity.

According to him, the government is focusing on promoting one product for each of the 774 Local Government Areas, urging them to form cooperatives to access funding from the initiative.

A member of the National Assembly, Senator Wasiu Sanni Eshinlokun, mentioned that the grant will significantly boost the businesses of beneficiaries at a time when the nation is facing economic hardship.

He noted that the council is complementing the efforts of the federal and state governments in addressing socio-economic challenges in the country.

While addressing the gathering, the State Commissioner for Youth and Social Development, Mobolaji Ogunlende, said they are ready to collaborate with Momo Bank to extend the program to youth across the state.

He emphasized that the state is committed to empowering the youth, noting that it was inspiring how they shunned violence during the #EndBadGovernanceProtest.

The Commissioner solicited the support of everyone in fighting the drug menace, which he described as a major pandemic in the state.

Ogunlende described the host Chairman as an inspiration to youth in the state and thanked the management team for their unwavering support for the success of the program.

Also speaking, a member of the Lagos State House of Assembly, Engr. Gbolahan Yishawu, said that the Chairman took his intervention beyond all expectations.

He noted that Hon. Fuad Atanda-Lawal brought the sophistication of the private sector into government, as exemplified by the social amenities provided at the grassroots level.

The lawmaker emphasized that women are the bedrock of every society, being the majority in terms of population and business, and urged them not to divert the funds.

Expressing his joy, the council boss, Fuad Atanda-Lawal, said that what the country needs to overcome the current economic hardship is continued support at the grassroots level through sincere and genuine collaboration.

He noted that ten of the past beneficiaries who received ₦100,000 from the council and the same amount from SMEDAN were recognized at the event because they justified the initial support from the council.

Fuad Atanda-Lawal disclosed that the council will commit an additional ₦100 million to the project in December this year, adding that it is a step towards building a better Ikoyi-Obalende that everyone will be proud of.

In his solidarity message, the Chairman of Eket Local Government Area of Akwa Ibom State, Akaniyere Tommey Ikot, said that the empowerment initiative is coming at the right time.

He emphasized that financial inclusion is essential to unlocking the potential of women, adding that it is a critical component for enabling women to make good life decisions.

The council boss believes that poverty is a man-made issue that can be addressed with initiatives like this, which he described as a moment for change.

He also commended the Akwa Ibom State Governor for focusing on agriculture, poverty alleviation, education, and support for rural women and the elderly.

On behalf of Momo Payment and Service Bank, Mrs. Omolara Michael-Nwadu described MSMEs as the engine room of growth and development in the country.

She expressed confidence that the program will transform the lives of women running MSMEs in the area.

She also said it was an honor for them to partner with Ikoyi-Obalende LCDA, adding that the parent body, MTN, has carried out many interventions in this regard.

Omolara Michael-Nwadu described the Momo Agent as a reliable bank for all in the country, adding that the event dispelled the belief held by some that the beneficiaries are usually not known.

She encouraged the beneficiaries to have confidence in the bank and make judicious use of the grant, adding that it was a testament to the progressive collaboration with the government that will help elevate their businesses to the next level.

Appreciating the Chairman on behalf of the All Progressives Congress and party leaders in the LCDA, Alhaja Odenge noted that the poor and vulnerable benefit from the council’s programs, not just the elite.

She described the council boss as God-sent to the people of the area and assured him of their unwavering support in his future endeavors after completing his tenure next year.