The Association of Small Business Owners of Nigeria has honoured the Governor of Lagos State, Babajide Sanwo-Olu, with the award of SME-friendly Governor of the Year.

ASBON National President, Femi Egbesola, announced this at the 2024 edition of the Nigeria National SME Business Awards which was held in Lagos at the weekend.

He noted that the governor had made groundbreaking initiatives that resulted in a notable surge of entrepreneurs within the Small and Medium-sized Enterprises’ ecosystem.

Last month, the governor canvassed low-interest rates for Micro Small and Medium Enterprises, especially for women, to allow them access financial support and thrive in their respective businesses.

Sanwo-Olu made the call during an event held at the Blue Roof, Ikeja to mark International Women’s Day.

The governor said only loans with single-digit interest rates could help to unlock the growth of small businesses, saying Micro, Small and Medium Enterprises could create the most jobs and should, therefore, be supported with low-interest funds to enable them to do more.

Speaking on the decision to honour Sanwo-Olu, ASBON President, Egbesola,  said, “We found that over time, a lot of organisations have been supporting us, and designing this programme is the best thing we can do to empower them to do more.

“The number one awardee is the Governor of Lagos State, Mr Babajide Sanwo-Olu, who is being honoured with the award of SMEs-friendly Governor of the Year because of his groundbreaking initiatives, which have resulted in  the notable surge of entrepreneurs within the SME ecosystem.”

Speaking further, Egbesola stated that small and medium-sized enterprises were still vulnerable to severe economic shocks, which was a recurring source of worry.

On his part, the Chairman of the Association of Small Business Owners of Nigeria, Bimbo Ashiru, emphasised the need to help Small and Medium Enterprises gain better access to finance.

Ashiru, who is also the chairman of Odua Investment Company, said, “Maintaining economic development and building a more robust and diversified business environment depends heavily on supporting SMEs through laws that promote entrepreneurship, financial access, and innovation.”