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  The Lagos State government has revealed that it plans to open a new workspace for Small and Medium Enterprises in the state. It says that the hub will be located at Cappa, in the Oshodi district of the state.
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Governor Babajide Sanwo-Olu made this known at the 7th Lagos Corporate Assembly, which took place at the State House in Alausa, Ikeja. The forum was a meeting with representatives of the state’s private sector. The governor revealed that construction of the workspace would be completed by the first quarter of 2022 and that it would be home to thousands of MSMEs. He said the project was designed to support small businesses in the state, many of which currently exist without a formal work address. Governor Sanwo-Olu added that the cost of compartments at the hub would be subsidized by the state government. According to him, the Cappa hub would help reduce the operating cost of SMEs and help them thrive. He noted that the state had initially opened a similar hub in Ikeja, but that it had already been oversubscribed. This made the establishment of another workspace worth pursuing. Governor Sanwo-Olu noted that the local economy had remained strong despite the COVID-19 pandemic, thanks in part to the performance of small businesses. He said that the government was committed to supporting SMEs in Lagos State.
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He also spoke about plans to set up more hubs in other parts of the state. He said that the government was seeking locations in Somolu, Yaba, and Obalende, where it would build hubs similar to the workspace in Ikeja. Sanwo-Olu further revealed that, besides the construction of workstations, his government would also be involved in the provision of off-grid power, support for FinTechs, mentoring, and high-speed internet connectivity. Speaking to the audience at the Corporate Assembly, he said that the Lagos State government had addressed key concerns raised by businesses about the effect of the COVID-19 pandemic on their operations. He recalled that his government had reacted by introducing a 25 percent discount on early payment of Land Use Charge, and instituting a waiver on three-year penalty for Land Use Charge defaults covering years 2017, 2018, and 2019. The governor promised that the resolutions reached by the private sector representatives at the Corporate Assembly would be addressed and that there would be appreciable progress on them by the time the next meeting was convened. Featured Image Source: Oyo Today
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This article was first published on 28th August 2021


Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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