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Lagos disburses N940m to small businesses


Lagos disburses N940m to small businesses

Lagos disburses N940m to small businesses

About N940 million has been disbursed to individuals and businesses in Lagos under the MSME Recovery Fund.

The Fund was set up to support businesses in Lagos State whose properties and assets were vandalised during the #ENDSARS protests that rocked the nation last October.

Making this known in Lagos yesterday, the Commissioner for Wealth Creation and Employment, Mrs Yetunde Arobieke said the owners were supported with grants ranging from N50,000 to N5 million to rebuild their businesses.

EndSARS: 'Lagos supported businesses with N940m'

She said the total number of beneficiaries were 1,835.

In the process, she added that 10,005 direct jobs and 40,029 indirect jobs were saved.

Also, the commissioner said the Lagos State Employment Trust Fund supported over 14,646 small businesses and created more than 123,720 jobs.

Under the Fund’s loan programme, the Commissioner said businesses were given financial assistance valued N250,000, N500,000 andN5 million respectively.

So far, she announced that the Fund has created  51,142 new payers.

The Commissioner reiterated that the government is determined to accelerate the founding of startups and small businesses in a bid to boost the state’s growth potential, by providing incentives in industrial hubs.



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