The Governor of Lagos State, Babajide Sanwo-Olu, has called for lower interest rates for Micro Small and Medium Enterprises, particularly for women, to enable them to obtain financial assistance and succeed in their businesses.
Sanwo-Olu made the statement on Thursday at an event at the Blue Roof, Ikeja, to celebrate International Women’s Day.
The event focused on the theme “Economic Inclusion of Women Entrepreneurs at the Grassroots/Community Level.
The governor emphasized that only loans with interest rates in the single digits could help stimulate the growth of small businesses, as micro, small, and medium enterprises generate the most employment and should therefore receive support with low-interest funds to expand their activities.
The governor, represented by his deputy, Dr. Obafemi Hamzat, stated, “Today, as we look to the future, we are dedicated to building on these foundations with even greater enthusiasm. Our focus is on using technology to create more accessible platforms for women entrepreneurs, particularly at the grassroots level. This is one of the reasons we initiated the Six Thousand Kilometre Fiber Duct Infrastructure Project. The initial phase, which covers three thousand kilometres, is nearing completion.
“My instruction to the ministry and our technical partners, as well as banks, is to reduce the interest rate for this group of women.
“Through this project, we envision a Lagos where every woman entrepreneur, regardless of her location or the size of her business, has access to the Internet and data resources necessary for growth and success.”
International Women’s Day is marked annually on March 8, focusing on women’s rights, including gender equality, reproductive rights, and the prevention of violence and abuse against women.
