FILE: Lagos State Commissioner for Physical Planning and Urban Development, Dr. Oluyinka Olumide
The Lagos State Commissioner for Physical Planning and Urban Development, Olumide Oluyinka, has urged microfinance banks to strengthen support for small and medium-sized enterprises, startups and low-income earners to drive entrepreneurship and economic growth.
Oluyinka made the call at the 10th anniversary celebration of Pecantrust Microfinance Bank in Lagos, where he said microfinance institutions should focus on their core mandate rather than competing with commercial banks.
He noted that Nigeria produces more than two million graduates annually, while available jobs are insufficient to absorb them, making entrepreneurship an increasingly important source of employment.
“There is an average of over two million graduates annually, with fewer organisations to absorb them,” he said, adding that microfinance banks have a critical role to play in expanding access to finance for startups and small businesses.
