Lagos State Govt Will Aggressively Fund SMEs – Hamzat

The importance of Small and Medium Scale Enterprises (SMEs) to the growth of the economy was re-emphasised on Wednesday at the Fourth FATE Foundation Annual Alumni Conference held in Lagos.

Speaking at the event on the theme: “Innovating for Scale”, Deputy Governor of Lagos State, Dr. Kadri Obafemi Hamzat, assured the organisers that current administration is committed to the funding of Small and Medium Scale Enterprises.

According to Hamzat, the State government understood the fact that Lagos needs to build her economy in order to maximise the inherent potentials, as such the government must do everything in its power to encourage small businesses.

The Deputy Governor took cognisance of the fact that any nation that wants to do well must support SMEs.

“About 3.2million SMEs are in the State and our administration is set to assist them to be well structured and grow without hitches. The State government, through the Lagos State Employment Trust Fund, has already given loans to 4900 beneficiaries to boost their businesses”, he stated.

Earlier in her welcome address, the Executive Director, FATE Foundation, Adenike Adeyemi, explained that the foundation was established in the year 2000 to tackle the increasing rate of unemployment and poverty among youths and has produced about 5400 graduates spread across 16 States in Nigeria.

She added that the Annual Alumni Conference was established to create a platform for entrepreneurs to network and share ideas for the growth of their businesses.

Chief Executive Officer, SLOT Systems Limited, Nnamdi Ezeigbo, disclosed that entrepreneurial mindset, good business system, effective and efficient partnership, strategic positioning and technology are some strategic ways to scale up in business.

While noting that every business must have a vision and plan in order to scale up based on integrity, hard work and discipline, Ezeigbo called on government at all levels to always engage stakeholders in policy formulations before coming up with policies that affect them.