The Association of Small Business Owners of Nigeria (ASBON) has bestowed upon Governor Babajide Sanwo-Olu of Lagos State the prestigious title of SME-friendly Governor of the Year. Femi Egbesola, the National President of ASBON, made this announcement during the 2024 Nigeria National SME Business Awards held in Lagos over the weekend. Egbesola highlighted Governor Sanwo-Olu’s groundbreaking initiatives, which have led to a significant increase in entrepreneurship within the Small and Medium-sized Enterprises (SMEs) ecosystem.

Governor Sanwo-Olu recently advocated for low-interest rates for Micro, Small, and Medium Enterprises (MSMEs), particularly for women, to facilitate their access to financial support and foster growth in their businesses. He made this call during an event commemorating International Women’s Day at the Blue Roof, Ikeja. The governor emphasized that only loans with single-digit interest rates could effectively stimulate the growth of small businesses, as MSMEs have the potential to create the most jobs and should thus receive support through accessible funding.

Explaining the rationale behind honoring Governor Sanwo-Olu, ASBON President Egbesola stated, “We have observed the remarkable support from various organizations over time, and designing this program is our way of empowering them to do even more. The top awardee, Governor Babajide Sanwo-Olu of Lagos State, is being recognized as the SMEs-friendly Governor of the Year for his pioneering initiatives, which have contributed to the notable rise of entrepreneurs within the SME ecosystem.”

Egbesola also expressed concerns about the vulnerability of small and medium-sized enterprises to severe economic shocks, stressing the importance of continued support for their resilience. Similarly, Bimbo Ashiru, the Chairman of ASBON and Odua Investment Company, emphasized the necessity of facilitating better access to finance for SMEs to sustain economic development and foster a more resilient and diversified business environment.