SMEs crucial for sustainable development – ​​Commissioner of Lagos

The Commissioner of Finance of Lagos State, Abayomi Oluyomi, has described Small and Medium Enterprises as a crucial driver of sustainable development in any economy.

He was speaking on Wednesday at the 10th anniversary of the Alert Group Microfinance Bank and the opening of their new headquarters in Lagos.

According to the National Bureau of Statistics, SMEs accounted for about 50 percent of Nigeria’s gross domestic product.

The Commissioner said: “According to the National Bureau of Statistics, SMEs account for around 50 percent of GDP. SMEs employ more than 60 million Nigerians, or roughly 25 percent of the entire population. This makes SMEs the backbone of the economy and a crucial driver for sustainable development, poverty reduction and wealth creation. This pattern is the same in Lagos, the center of the Nigerian economy.”

He lauded the positive impact of the Alert MFB as it empowers SMEs in the state.

“Alert MFB has been at the forefront of strengthening SMEs in Lagos State over the past decade, disbursing over N30 billion in loans to over 30,000 individuals and small to medium businesses during the period, which is quite remarkable .

“To this end, Alert MFB is a partner for growth. As we gather here, it is imperative to recognize the critical role that Alert MFB plays as an SME enabler in driving economic growth, promoting innovation and creating employment in Lagos State and Nigeria at large. ”

Speaking on the occasion, the Group Managing Director of Alert Group, Dr. Kazeem Olanrewaju, disclosed that the financial institution commenced operations in 2013 as a microfinance bank.

“We started this journey in 2013 and it has continued to expand. Today they have about 10 branches in Lagos. They have supported over 30,000 customers and paid out over N30 billion. The company has been profitable since its second year. Looking at the market and the opportunities available, the board of Alert MFB decided to come together to establish an MFI, namely the Auto Bucks Lenders.”

The GMD further stated that the company was more focused on supporting corporations and small and medium-sized enterprises.

“The loan to support businesses represents more than 98 percent. The consumer loans you will see are the loans made to entrepreneurs. The focus area of ​​Alert MFB and Auto Bucks Lenders is therefore supporting companies throughout the country.

“With the establishment of Auto Bucks Lenders, we have the opportunity to do business outside Lagos. So currently we have offices in Ogun State and Oyo State. We intend to go to all parts of Nigeria to support what we are doing,” he stated.