Governor Akinwunmi Ambode of Lagos State, yesterday, disclosed that through the State Employment Trust Fund, ETF, his administration had in the last one year approved, N4.5 billion for 5,527 Medium Small Manufacturing Enterprises, MSMEs.
Ambode, through the Secretary to the State Government, SSG, Mr. Tunji Bello stated this at the opening ceremony of the 2nd Edition of Micro, Small and Medium Enterprises, MSMEs Exclusive fair, themed, “Unleashing the Potentials of MSMEs for Economic Diversification,” held in Lagos.
He said that the fund in partnership with the United Nation Development Programme, UNDP, and Private sector employers would also train 16,000 unemployed residents in order to take up technical and vocational jobs, adding: “The State Government would launch innovation driven enterprise framework to support business startups in the Fourth Quarter of this year.”
He reiterated the commitment of his administration to continually implement enterprise-friendly policies and develop the critical infrastructure that would enhance the productivity and competitiveness of all businesses in the State.
Speaking earlier, the Commissioner for Commerce, Industry and Cooperative, Prince Rotimi Oguleye said Lagos State is the largest hub of MSMEs and the economic nerve-centre of Nigeria accounting for 3,224,324micro and over 11,663 small and medium enterprises that are significantly boosting the nation’s Gross Domestic Product (GDP), generating employment, creating sustainable enterprises, and accelerating value-added industrialization.