Ikoyi-Obalende LCDA and MoMo PSB Empower 1,000 Women with ₦50 Million in Grants

Ikoyi-Obalende LCDA and MoMo PSB Empower 1,000 Women with ₦50 Million in Grants

Ikoyi -Obalende LCDA  has reiterated its commitment to supporting Small and Medium Enterprises (SMEs) as part of its strategy for socio-economic development. This was highlighted during the distribution of ₦50 million in grants to 1,000 women under the "Empowering Her Fortune Initiative 2.0," organized by the Ikoyi-Obalende Local Council Development Area (LCDA) in collaboration with MTN Momo Payment and Service Bank. The event took place at the Muson Centre in Onikan, Lagos.

Ms. Barakat Odunuga-Bakare, Special Adviser to the Governor on Housing, emphasized the state's dedication to creating jobs and fostering economic growth through such initiatives. She noted that the collaboration underscores the vital role of Medium and Small Micro Enterprises (MSMEs) in the state's economic agenda.

Odunuga-Bakare highlighted the continuous support provided by the Lagos State Employment Trust Fund, which includes financial assistance and incubation for entrepreneurs. She added that tax incentives and a conducive business environment are part of the state's efforts to nurture business growth.

Mr. Charles Odi, Director General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), praised the government's policies aimed at enhancing the capacity of over 40 million MSMEs, the majority of which are nano businesses. He revealed that the federal government had allocated ₦50 billion to support at least one million nano businesses nationwide.

Senator Wasiu Sanni Eshinlokun, a member of the National Assembly, remarked that the grant would significantly boost the beneficiaries' businesses during the current economic challenges. He commended the council's efforts in complementing state and federal initiatives to address socio-economic issues.

Mr. Mobolaji Ogunlende, Lagos State Commissioner for Youth and Social Development, expressed readiness to extend the program to youth across the state, in collaboration with Momo Bank. He also urged collective efforts to combat the drug menace, which he described as a major pandemic.

Eng. Gbolahan Yisahu, a member of the Lagos State House of Assembly, lauded the council chairman, Hon. Fuad Atanda-Lawal, for his impactful interventions, including the provision of social amenities at the grassroots level. He urged the women to use the funds judiciously.

Hon. Fuad Atanda-Lawal, the Ikoyi-Obalende LCDA Chairman, announced plans to commit an additional ₦100 million to the project in December. He emphasized the importance of continued grassroots support and genuine collaboration in overcoming economic hardships.

Akaniyere Tommey Ikot, Chairman of Eket Local Government Area, Akwa Ibom State, praised the empowerment initiative, noting its crucial role in financial inclusion and women empowerment.

Mrs. Omolara Michael-Nwadu, representing Momo Payment and Service Bank, described MSMEs as the engine of national growth and development. She encouraged the beneficiaries to utilize the grants effectively and assured them of the bank's reliability.

The event concluded with commendations from party leaders and community members and beneficiaries who acknowledged the positive impact of the council's programs on the poor and vulnerable. They expressed their unwavering support for the council chairman's future endeavors.