LIVE UPDATES
The Lagos State Commissioner of Finance, Abayomi Oluyomi, has emphasized the crucial role of Small and Medium Enterprises (SMEs) in driving sustainable development within an economy.
He made these remarks during the celebration of the 10th anniversary of the Alert Group Microfinance Bank and the inauguration of their new head office in Lagos.
Citing National Bureau of Statistics data, Oluyomi highlighted that SMEs contribute approximately 50 percent to Nigeria's gross domestic product. '
He further noted that SMEs play a significant role in the economy by employing over 60 million Nigerians, which accounts for about 25 percent of the total population.
He explained that this underscores SMEs' pivotal role in fostering sustainable development, alleviating poverty, and generating wealth.
He also underscored that this trend is consistent in Lagos, which serves as the focal point of the Nigerian economy.
Oluyomi described this achievement as remarkable while commending the positive influence of Alert MFB in empowering SMEs in the state, noting that over the past decade, the institution has disbursed loans totaling over N30 billion to more than 30,000 individuals and small to medium businesses.
The Group Managing Director of Alert Group, Dr Kazeem Olanrewaju, revealed that the financial institution commenced business in 2013 as a microfinance bank
“We started this journey in 2013 and it has been expanding. Today, they have about 10 branches across Lagos. They have supported well over 30,000 clients and have disbursed over N30bn. The company has been profitable since the second year. Looking at the market and the available opportunity, the Alert MFB board decided to come together to establish an MFI, which is the Auto Bucks Lenders.”
The GMD further stated that the company was focused more on supporting businesses and small and medium enterprises.
“The loan to support business represents over 98 percent. The consumer loans you will see are the ones given to entrepreneurs. So, the area of focus of Alert MFB and Auto Bucks Lenders is to support businesses across the country.
“With the establishment of Auto Bucks Lenders, we have the opportunity to also do business outside Lagos. So, presently, we have offices in Ogun State and Oyo State. We intend to go to every part of Nigeria to support what we are doing,” he declared.
