Vice President Yemi Osinbajo has said, the Eko Fashion Hub 1, a fashion cluster shared facility for Microsoft Small and Medium Enterprises, MSMEs, will provide high quality machines and equipment that will service 380 MSMEs daily and 136,800 MSMEs yearly.
Osibanjo disclosed this on Saturday during the virtual commissioning of the Fashion Hub located in Lagos.
According to him, the cluster seeks to provide high-quality operating equipment which small businesses can access at a reasonable cost, within a conducive space.
He said, “MSMEs are the engine room of the Nigerian economy and the Federal Government remains deeply committed to creating a more business friendly environment for Micro, Small and Medium Enterprises (MSMEs) to thrive.
“One of the ways, the FG has shown its commitment is through the MSME Clinics Initiative. The Clinic extends business support services to small businesses across the country. The MSMEs Shared Facility Scheme is a core component.
“The Eko Fashion Hub 1 is strategically located by the old Alade market, just off the Allen Avenue roundabout, one of the leading commercial hubs on the continent and is equipped with first-rate machines and equipment. I am told it will service 380 MSMEs daily, & 136,800 yearly.
“The choice of Alade Market and the general Allen Avenue area was a unanimous one arising from extensive consultations between the Federal Government’s MSME Clinics project, the Lagos State Government and the fashion cluster in Lagos.
“With its full-scale production line, this hub will enable production of a diverse range of clothing and garments. Very soon, the products of the hub will be ubiquitous on the streets and in stores around the country.
“President Muhammadu Buhari has also approved the implementation of the MSME Survival Fund as part of the ESP to cushion the impact of COVID19. The Fund is a payroll support scheme which will provide 50,000 in monthly salaries to staff of qualifying businesses for 3 months”.