Lagos State Governor, Babajide Sanwo-Olu, advocates for a single-digit interest rate regime to propel the growth of Micro, Small, and Medium Enterprises (MSMEs). Sanwo-Olu’s call comes as part of efforts to stimulate economic recovery and foster entrepreneurship in Lagos, Nigeria’s commercial hub.
Addressing stakeholders, Governor Sanwo-Olu emphasizes the critical role of MSMEs in driving job creation, innovation, and economic diversification. He highlights the need for a conducive financial environment, including affordable credit facilities, to enable MSMEs to thrive and contribute significantly to Lagos State’s economic development.
The push for a single-digit interest rate aligns with Sanwo-Olu’s vision of positioning Lagos as a hub for entrepreneurship and innovation. By lowering the cost of borrowing, MSMEs can access much-needed capital to invest in business expansion, technology adoption, and skills development, ultimately driving sustainable growth and competitiveness.
Sanwo-Olu underscores the importance of collaboration between the government, financial institutions, and industry stakeholders to actualize the vision of affordable financing for MSMEs. He calls for innovative financial instruments and supportive policies to address the challenges faced by small businesses and unlock their full potential.
The Governor’s advocacy for a single-digit interest rate reflects broader efforts to create an enabling environment for business growth and investment in Lagos State. By addressing the affordability of credit, Sanwo-Olu aims to enhance the resilience and productivity of MSMEs, ultimately contributing to poverty alleviation and inclusive economic development.
As Lagos State works towards economic recovery and resilience post-pandemic, initiatives to support MSMEs take center stage in the government’s agenda. Sanwo-Olu’s call for a single-digit interest rate signals a commitment to empowering small businesses and harnessing their potential as engines of economic growth and job creation in Lagos and beyond.
Source: Business Day
