Medium and Small Scale Enterprises (MSMEs) will enjoy greater access to affordable financing under an Asiwaju Bola Ahmed Tinubu Presidency, Senator Solomon Adeola (APC, Lagos West) said on Friday. 

Adeola, popularly called “Yayi”,  said, unlike current general bank interest rates that often stifle small businesses, Tinubu is determined to boost MSMEs and local production by, among others, providing loan rates as low as three per cent, which would make repayment easy while enhancing profit.

He said this was in line with the All Progressives Congress’ (APC) “Renewed Hope” manifesto for next year’s general election.

He emphasised that support is not just by government providing bank loans “at 25 or 26 per cent and say you are supporting MSME, that is not support of MSME.”

Rather, Tinubu, he added, will provide, “a cheap source of funds of about three, four or five per cent that you can borrow, produce and still make a profit after paying back the loan. 

He urged his constituents to “vote massively for Asiwaju Bola Ahmed Tinubu as the President of the Federal Republic of Nigeria” in 2023 to make this a reality.

The fair featured 100 indigenous exhibitors that showcased their products as well as hundreds of constituents and other participants from across the state.

Adeola noted that in the face of serious economic challenges confronting the nation, local production of goods and services “is a veritable way of addressing the challenges associated with our economy. 

“With the theme: “Harnessing the Growth of MSMEs for Sustainable Development in Lagos West Senatorial District”, this exhibition /trade fair is coming at a time that all Nigerians must start imbibing the culture of patronizing our locally made goods and services in the interest of our national economic growth.”

He explained that the Lagos West Fair 2022 with 100 exhibitors at the first instance is targeted at enhancing the growth of MSMEs within the Lagos West Senatorial district. 

“With a population of over 12 million people making up over half of Lagos Mega City, Lagos West will have the largest number of MSMEs in Nigeria and there is a need to encourage and showcase their products as an alternative to costly imported goods and services.

“I am therefore facilitating these staggered exhibitions/fairs across the two divisions of Lagos West namely, Ikeja and Badagry Division.  This is in collaboration with the Federal Cooperative College, Oji River and Federal Cooperative College, Ibadan.

“There is no doubt about the benefits of this programme in promoting our local production not only for exhibitors but also the citizenry. Most of our locally made goods can compete favourably with others but more importantly, they are tailor-made to serve the purpose for which they were made at a lesser cost. 

“In this programme, exhibitors have opportunities of reaching many customers, leveraging their products for export as well as networking for mutually beneficial integration. There are also opportunities for sales and orders from direct consumers of products on display.”

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