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LAPO to support MSMES with N3bn

The Managing Director, Micro Investment Support Services Limited (MISS), a subsidiary of Lift Above  Poverty Organization, Elizabeth Ngozi Ehigiamusoe, said the organisation will support Micro, Small and Medium Enterprises (MSMEs) to the tune of N3 billion this fiscal year.

Represented by the organisation’s Chief Operating Officer, Akin Ashaolu, Mrs Ehigiamusoe, disclosed this in Benin on Wednesday during the 2019 LAPO annual media interactive forum.

She further disclosed that the organisation in 2018 spent N2.8bn for the acquisition of 3,375 income-generating assets to support MSMEs across eight states of the country.

“The total lease portfolio of the MISS rose from N1.89bn in 2017 to N2.16bn in 2018 while repayment grew from N2.07bn in 2017 to N2.53bn in 2018 representing 22.20 performance increase,” he said.

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Mrs Ehigiamusoe further disclosed that some income- generating assets purchased to support MSMEs were motorcycle, tricycle, buses, household items, welding machines, photocopy machines among others.

She said the organisation planned to disburse farm equipment as part of effort aimed at supporting farmers in the country this year.

“We plan to spend N700 million to acquire farm equipment for about 150 farmers as against N250m spent to empower 54 farmers in 2018,” she added.

 

 

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