Lagos state government says it disbursed N939.98 million to 1,835 beneficiaries under its micro, small and medium enterprises (MSMEs) recovery fund.

Yetunde Arobieke, Lagos state commissioner for wealth and employment, announced this during a press briefing to commemorate the second anniversary of Babajide Sanwo-Olu administration on Wednesday.

The fund was established to support businesses whose properties and assets were damaged and looted during the #EndSARS protests that rocked the country in October 2020.

“With funding from both Lagos State Government, corporate organizations, and private individuals, businesses were supported with grant sums ranging from: ₦50,000 to ₦5,000,000 to beneficiaries to rebuild their businesses,” Arobieke said.

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“1,835 total number of beneficiaries, N939.98 million total amount of money disbursed and 10,005 direct jobs and 40,020 indirect jobs saved.

“This was made possible through the unwavering support of the Governor of Lagos State, Mr. Babajide Sanwo-Olu in his pursuits to mitigate unemployment in Lagos State.

“I wish to re-affirm that the ministry will continue to strive for the actualization of its mandate. These efforts through our activities and its resultant achievements have earned us commendations within and even in the Diaspora.”

Speaking on the conditional cash transfer (CCT) programme, Arobieke said 6,810 households had been paid so far in the state since the inception of the programme with N269.34 million disbursed to beneficiaries.

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The commissioner said her ministry recently got an approval for the enrolment of additional 5,438 beneficiary households in the newly-targeted local councils of Somolu, Agege, Ifako-Ijaye, Ajeromi-Ifelodun, Alimosho and Ikorodu.

Arobieke stressed that the state government is determined to accelerate the funding of start-ups and small businesses in a bid to boost the state’s growth potential, by providing incentives in industrial hubs.

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