Lagos State Government Establishes Micro Credit Fund for Entrepreneurs

  Artisans and entrepreneurs have been called by Chief Executive Officer (CEO) of Auldon Limited, Paul Orajiaka, to be partakers of the state’s micro credit fund to grow their business and create employment for others. The Lagos State Government had recently established a micro credit fund for artisans with the aim of mitigating poverty in the state. The fund is managed by the Lagos State Microfinance Institution (LASMI). Mr. Orajiaka, who made this known while speaking at the Lagos State Enterprise Day, stressed that for SMEs to grow, state governments across the country must provide the enabling environment as well as infrastructure. Also speaking at the occasion, the state’s Deputy Governor, Mrs. Adejoke Orelope- Adefulire, said the fund, which would be accessible to artisans, was in fulfilment of the governor’s promise to support entrepreneurs and SMEs in the state. Mrs. Adefulire said, “It is common knowledge that even in most developed economies, the best way through which the self-employed can have access to loans remains an effective micro-credit financing scheme.” Stressing the importance of single digit interest rate for start ups, Orajiaka stated that this will ensure that businesses survive and outlive their promoters. “At one point I almost gave up because it was difficult building my business especially without funding from banks. It was near impossible to continue, but my frustration and anger at the banking system coupled with lack of support, only made me further persevere, be more passionate and determined to ensure that the business grew. “These virtues I adopted failed to disappoint instead gave me the needed impetus and momentum sufficient to get my company going and keep going. No doubt it is almost an uphill task, succeeding as an entrepreneur in this climate, so it would be unfair to blame some Nigerian entrepreneurs who fail to surmount the numerous challenges which stifle their growth, “he said. He added that entrepreneurs can still attain success in Nigeria despite the challenges, if they can recapture the passion and emotions of that moment when they began. He said: “You will agree with me that in recent times our cultural values are fast eroding. Parents these days shy away from teaching their children about their culture but allow them imbibe foreign cultures which rob them of their identity and very existence as Nigerians. And you know, this culture they learn from their schools is not the best. We need to re-orientate our wards to imbibe hard work and patience.”