The Lagos State government has spent N103 billion in infrastructure to support downstream contracts for micro, small, and medium-sized businesses (MSMEs).
To help MSMEs with their working capital issues, it has extended the tax filing deadline for MSMEs by 60 days and the loan moratorium by 90 days.
The governor, Babajide Sanwo-Olu, announced the 6th Edition of the Lagos State MSMEs exclusive expo, which had the topic “Effect of COVID-19: Charting the Way Forward for MSMEs” and was held in Lagos.
According to him, we have invested substantial resources in the sustainability of MSMEs over the last two years, but the pandemic has highlighted the necessity for the public and private sectors to meticulously strengthen the SME sector’s potential for growth and profitability.
The purpose, he said, is to help small companies in Lagos State overcome the obstacles of the pandemic’s economic crisis, as well as the devastation and looting that accompanied the anti-SARS rally.
While stating that the government was working with the Central Bank of Nigeria (CBN) to address the issue of MSMEs’ access to finance, he also stated that the CBN had established the N220 billion Micro and Medium Enterprises Development Fund (MSMEDF), among other schemes, to the problem.
In addition, he urged relevant parties to work together and build a new path for MSMEs’ economic diversification, growth, and long-term viability.
Meanwhile, Commuters plying the Lagos-Ibadan Expressway on Sunday were stranded as livestock traders, especially ram sellers caused gridlock on the road.
NigerDelta Connect gathered that cattle traders, especially ram sellers in the popular Kara Market in Ogun State, as preparation for the muslim’s Eid-el-Kabir celebration displayed their livestock from the Kara Market down to the road. This, however, did not augur well as commuters following that route got stranded on the road due to the heavy traffic.