This is as the organisation in collaboration with Lagos State government issued N50, 000 cheques totaling N5 million as support funding to 100 MSME/Micro business operators selected across all the 20 local government areas in Lagos State.
Addressing stakeholders from the media, corporate organisations, government ministries and individuals concerned with youth development and empowerment, during a world press briefing marking the end of Lagos Youth Week SME Competition, held recently in Lagos to commemorate the 2018 United Nations International Youth Day, Toyosi noted that concerted efforts are crucial in fostering long term sustainable economic development especially in poor Third World countries like Nigeria.
According to her, closing the major institutional and infrastructural gaps impeding economic growth and making it difficult for private sector to create jobs will encourage and engender innovation and reduce the challenges of SMEs and the number of those of them that die, adding that any country that does not embrace sustainable human capital development would continue to experience rapid level of increasing poverty across various regions and levels.
She called on governments at all levels to tackle the inherent legal deficits and other bottlenecks that stifle doing business in Nigeria.
“Government needs to make sure that the environment is enabling for private businesses to be able to thrive and also address the issues around multiple taxation that are capable of ruining the potential chances of scalable growth of small and medium sized businesses in Nigeria.
“Businesses should not be overtaxed, the issue of duplication of taxes by local, state and federal governments should be immediately dealt with,’’ she pointed out.
Akerele-Ogunsiji also cited economies like Singapore, Japan, South Africa, Kenya, United States and China which have witnessed monumental impact of industrialisation though gradual yet consistent.
“This is why rather than waiting for huge sums of money in a nation that has just taken over from India as one with the highest amount of poor people in the world, we went seeking micro businesses at the grassroots levels with solid potential for growth and gave them the funding required to help them improve their trades and services thereby creating more Jobs for youths in Lagos State, the 5th Largest economy in Nigeria,’’ she said.
Speaking to Saturday Tribune after the event, some of the beneficiaries of the grant, disclosed what they would be doing with the equity free funding.
Miss Lawal Fatimah, a fashion designer residing in Ikeja, said that the grant has helped to dry her tears as she was contemplating going into ‘‘something unwise’’ in order to raise money for buying some of the equipment for her fashion business.
A Make-up artiste, Celine Innocent, said that she would use the grant to procure a nice make-up box and proceed with the registration of her business name, Celine Perfect Touch.
Advising the MSME Owners, the Founder of Inspiro Consulting, Mr Jimi Tewe admonished them to leverage the internet in promoting and marketing their businesses and products.
“Don’t forget to put your business on the internet because with the internet millions of people will be able to reach out to you,”he concluded.
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