The Governor of Lagos State, Babajide Sanwo-Olu has received an award of SMEs governor of the Year in recognition of his outstanding contributions to the growth of SME in the state by the Association of Small Business Owners of Nigeria.

Femi Egbesola, the ASBON National President, declared this at the 2024 edition of the Nigeria National SME Business Awards which was held in Lagos recently.

Egbesola stated that the Lagos State governor had made groundbreaking initiatives that resulted in a notable surge of entrepreneurs within the Small and Medium-sized Enterprises’ ecosystem.

Sanwo-Olu canvassed low interest rate for Micro Small and Medium Enterprises, especially for women, to allow them access financial support and thrive in their respective businesses last month.

He disclosed this during an event held at the Blue Roof, Ikeja to mark International Women’s Day.

The governor said only loans with single-digit interest rates could help to unlock the growth of small businesses, saying Micro, Small and Medium Enterprises could create the most jobs and should, therefore, be supported with low-interest funds to enable them to do more.

Speaking on the decision to honour Sanwo-Olu, ASBON President, Egbesola, said, “We found that over time, a lot of organisations have been supporting us, and designing this programme is the best thing we can do to empower them to do more.

“The number one awardee is the Governor of Lagos State, Mr Babajide Sanwo-Olu, who is being honoured with the award of SMEs-friendly Governor of the Year because of his groundbreaking initiatives, which have resulted in the notable surge of entrepreneurs within the SME ecosystem.”

Egbesola stressed that small and medium-sized enterprises were still vulnerable to severe economic shocks, which was a recurring source of worry.

Also speaking, Bimbo Ashiru, the Chairman of the Association of Small Business Owners of Nigeria, emphasised the need to help Small and Medium Enterprises gain better access to finance.

Ashiru, who is also the chairman of Odua Investment Company, said, “Maintaining economic development and building a more robust and diversified business environment depends heavily on supporting SMEs through laws that promote entrepreneurship, financial access, and innovation.”