Sen. Abiru organises training for 1,000 MSMEs, announces N100m loan

The Chairman, Senate Committee on industries, Sen. Adetokunbo Abiru (APC-Lagos East), on Monday organised a capacity development training for 1,000 Micro-, Medium- and Small-Enterprises (MSMEs) in Lagos East Senatorial District.

Abiru, in a statement by Mr Seye Oladejo, the Lagos State Publicity Secretary of the All Progressives Congress (APC), also announced N100 million Constituency Intervention Revolving loan for MSMEs.

Abiru said that the training was to enhance the capacity of business owners, adding that the lack of capacity had been identified as one of the major reasons MSMEs fail.

He said that the one-day MSME Clinic/Workshop was organised in conjunction with “The Fate Foundation”, and had figures in MSMEs ecosystem in attendance.

Highlighting the critical roles MSMEs play in the nation’s economic development, Abiru said ‘that MSMEs accounted for the majority of businesses worldwide and were important contributors to job creation and global economic development.

According to him, MSMEs represent about 90 per cent of businesses and more than 70 per cent of employment worldwide.

“Formal MSMEs contribute up to 40 per cent of national income (GDP) in emerging economies. These numbers are significantly higher when informal SMEs are included.

“The latest SMEDAN/NBS MSME Survey indicates that Nigeria’s SMEs contribute nearly 50 per cent of the country’s GDP and account for over 80 per cent of employment in the country.

“It has been projected by the World Bank that about 600 million jobs will be needed by 2030 to absorb the growing global workforce, which makes SME development a high priority for many governments around the world.

“In emerging markets, most formal jobs are generated by SMEs, which create 7 out of 10 jobs,” Abiru said.

The senator said that it was instructive to assist the struggling businesses who were mostly impacted by the devastating COVID-19 pandemic with workable business solutions in the new normal world.

He said that the “Knowledge Pack”, a combination of seven books written by foremost experts, which participants got for free, were reference materials for now and future for them.

He added that the book contains secret of success of most major businesses.

“Timeless and highly valuable literature on subjects of Tax Management, Human Capital, Financial Management, Marketing and Communications, Strategy, Legal and digital technology will be made available to you at the expense of my Foundation.

“The leading Nigerian Entrepreneur pack is a practical “do-it-yourself manual” that will greatly aid your business decisions and strategies as you journey along.

Meanwhile, Abiru announced the launching of N100 million soft business loans to support trained MSMEs owners with working capital, as well as asset finance for equipment acquisition at a highly subsidised interest rate.

“The N100 million constituency Intervention revolving facility which be executed in partnership with Small- and Medium-Enterprises Development Agency, SMEDAN, with a minimum limit of N100,000 and maximum of N1 million.

“It is with as low as 6 per cent interest rate with flexible repayment plan from 1 to 12 months, starting from Q1, 2022,” he said.

The senator, however, mulled plans to increase the revolving facility in the same sum on yearly basis.

He said that the Bank of Industry (BOI) also agreed to commit additional N100 million to the scheme.

A former Lagos State Commissioner for Finance and member, Governor’s Advisory Council, Mr Olawale Edun, described the business aid as a great initiative.

Also, a former Minister of Works, Sen. Adeseye Ogunlewe, urged other elected public office holders to learn from the giant strides of Abiru.

Ogunlewe urged participants to place premium on the knowledge they had acquired in the course of the workshop and business clinic.