Lagos State launches ‘Lagos Cares’ N7.6 Billion MSMEs Programme

Lagos State launches 'Lagos Cares' N7.6 Billion MSMEs Programme
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The Lagos State government Launches $20M (N7.6 Billion) “Lagos Cares” Programme for Youths, Women as a stimulus package to contain the effect of the covid-19 pandemic on MSMEs.

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According to the governor,

  • The project would address loss of jobs and threat to food supply chain occasioned by the spread of the pandemic. He said the
  • The programme would leverage existing World Bank’s operations anchored on community-based approach and multi-sector interventions.
  • Lagos State would be implementing 10 Disbursement-Linked Indicators (DLIs) out of 11 across three results areas for impact.
  • The programme will benefit 4,652 farmers towards driving up agricultural inputs and services
  • 5,460 farmers would be engaged in agricultural assets for production and mitigation of food loss and waste.
  • There would be provision of well-targeted conditional grants to co-finance loans for eligible 1,132 MSMEs.

The programme encompasses three key result areas including:

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  • Increasing cash transfers and livelihood support to poor and vulnerable households;
  • Increasing food security and safe functioning of food supply chains for poor households, and
  • Facilitating the recovery of Micro and Small Enterprises (MSMEs), while strengthening institutional support for coordination and delivery.

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The program was designed to be inclusive and packaged to specifically impact women and the youth. Its implementation, the Governor said, cuts across relevant ministries, including Sustainable Development Goals and Investment (SDG&I), Women Affairs and Poverty Alleviation (WAPA), Finance, Wealth Creation, and Agriculture” Sanwo-Olu, Lagos State Governor.

Today marks another milestone in our effort to combat the negative impact of the COVID-19 Pandemic on our households, livelihood, food security, and businesses. The CARES project is an integral part of the national approach, adopted to alleviate the burden of the COVID-19 pandemic and enhance the wellbeing of our people.

“The Lagos CARES Programme will be implemented between 2021 and 2023, and will provide economic relief and recovery support to identified vulnerable persons. During the 24 months, the programme will directly support vulnerable households and indirectly support 125,058 individuals. There will also be interventions in 69 markets, while a minimum of 2,512 MSMEs will be supported.”

“I would like to remind the committee members not to lose sight of the T.H.E.M.E.S Agenda of the State Gvernment as they work on the three result areas. This administration will continue to collaborate with people of goodwill in the public and private sectors, multilateral and donor partners as we deliver good governance to our people.”

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