Lagos Senator initiates N300m constituency loan
Mukhail Adetokunbo Abiru, Senator representing Lagos East Senatorial District, has provided a N300 million Constituency Intervention Revolving Loan of six per cent per annum for Micro, Small and Medium Enterprises (MSME) and entrepreneurs in the district.
Speaking during the launch of the empowerment scheme in Lagos, Abiru noted that it was meant to boost the country’s economy through the provision of loan to MSMEs, which contribute about 50 per cent of the country’s Gross Domestic Products (GDP).
According to him, with the effort, many prospective entrepreneurs who worried embarking on business ventures due to financial challenges would be able to start after embracing the empowerment scheme.
The senator said the initiative would not only curtail unemployment and alleviate poverty but also foster economic progress and ensure social stability in the country.
“This Constituency Intervention Revolving Loan for MSMEs will go a long way in bringing succour to our numerous small businesses in the Lagos East Senatorial District. It will be adding values to a particular sector of the economy that constitutes about 80 per cent of the employment.
“To ensure the sustainability of the scheme, we have developed a risk management framework to make the scheme an enduring and revolving facility that will impact many more people beyond the first round of beneficiaries,” he said.
He disclosed that about 1,000 beneficiaries would benefit from the first phase of the intervention.
He recognized the efforts of the partnering companies – Bank of Industries, Lagos State Employment Trust Fund and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN)- in ensuring that the finances for the project were made available, while calling on the beneficiaries to use the money judiciously.
On his part, former Commissioner for Finance in Lagos State, Wale Edun, applauded Abiru for his efforts towards alleviating poverty in the state.