Lagos, BOI to raise N2billion fund for MSMEs
Ayodele Olalere
Lagos State government in partnership with the Bank of Industry, BOI is set to raise N2billion as a trading fund for the Micro, Small and Medium Enterprises, MSMEs.
The Commissioner for Commerce, Cooperatives, Trade & Investment, Folashade Ambrose Medebem stated this on Wednesday while giving the report of her Ministry at the ongoing Ministerial Press Briefing to mark the first year, second term, of Governor Babajide Sanwo Olu’s administration at Alausa, Ikeja today
She said the partnership involves the sum of N1billion each from the state and BOI, which would be accessed by Nano, Micro, Small and Medium Enterprises (NMSMEs), with exportable products, to scale their businesses and earn foreign exchange
She also revealed that within one year between 2023 and 2024, the state attracted over N50billion in investment through Foreign Direct Investment, FDI, and Domestic Direct Investment ,DDD.
Medebem further said the state has applied and met all criteria to qualify for the first phase of the World Bank funded State Action on Business Enabling Reforms (SABER) programme on Ease of Doing Business, EOB.
According to her, the state met four criteria that were set under the Four Disbursement Linked Indicators, DLIs, covering improved land administration and land based investment process (DLI1); Improved investment promotion environment (DLI2); Increased transparency of official fees and procedures (DLI3) and Increase transparency of fees and levies for inter state trade (DLI4).
The Commissioner said some of the foreign investments Lagos has secured in the last one year includes the Twinings Ovaltine Nigeria Limited (TONL), owned by the Associated British Foods Plc where Ovaltine beverages, which were previously produced and imported from China but packaged in Nigeria, would now be produced in Nigeria thereby generating employment and improve the state’s economy.
“TONL, which formerly imports from China and packages into retail units here, has now committed to fully manufacture its products in Lagos with the acquisition of an industrial site in Ogba. The N38billion valued investment will employ 112 people directly and over 200 others as distributors by 2025, while generating over $8million in exports to West African countries,” she said.
She added: “Other investors in healthcare, retail, Fast Moving Consumer Goods (FMCG), education, financial services, cybersecurity, agriculture and manufacturing are also coming into Lagos, while many trade missions have gone from Lagos to the United Kingdom with the organised private sector and business membership organisations (BMOs) to explore new trade opportunities.
Ambrose Medebem expressed that the State, in line with the T.H.E.M.E.S+ Development Agenda, remains committed to formulating enabling and supporting policies, executing infrastructure intervention, and designing trade expansion programmes and projects to accelerate the economic development of the State, noting that the Sanwo-Olu administration is leaving no stone unturned at improving the Ease of Doing Business (EoDB) in the State.
She assured that the state under the leadership of Mr. Governor, Babajide Sanwo Olu, will continue to engage, collaborate, support and work with the organised private sector to ensure a conducive environment for doing business in the state.