MICROCAPITAL BRIEF: Lagos State Microfinance Institution (LASMI) in Nigeria Claims Its Loans Have Created Over 200,000 Jobs

According to Mr Bashorun Alabi-Macfoy, the chairman of Lagos State Microfinance Institution (LASMI), the microfinance agency of the Lagos State government in Nigeria, his institution has generated over 200,000 jobs as of May through its support of borrowers via microfinance institutions (MFIs) across the state. In his statement to the press, Mr Alabi-Macfoy also noted that that LASMI plans to encourage microfinance bank to lower interest rates on loans to ensure quick repayment. No information is available on the methods proposed for this “encouragement” or on the amount of financial assistance LASMI has provided to its partner MFIs.

By Conner Brannen, Research Assistant

About Lagos State Microfinance Institution (LASMI):

Lagos State Microfinance Institution (LASMI) was established by the Lagos State government in 2008 with the primary objective of providing basic financial assistance to both rural and urban entrepreneurs through support for various local microfinance institutions. LASMI is an agency of the Lagos State government. In order to carry out this objective, LASMI has entered into agreement with several microfinance institutions to provide a wide range of microfinance services. No financial information is available for LASMI.

Sources and Additional Resources:

Next: “Lagos Microfinance Institution employs 200,000,” June 9, 2010: http://234next.com/csp/cms/sites/Next/Home/5577383-146/story.csp

MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Organizes Mandatory Certification Training Program for Operators of Microfinance Institutions (MFIs), June 8, 2010: https://www.microcapital.org/microcapital-brief-central-bank-of-nigeria-cbn-organizes-mandatory-certification-training-program-for-operators-of-microfinance-institutions-mfis/

MICROCAPITAL BRIEF: President of the Nigerian Association of Small and Medium Enterprises (NASME) Cites Lack of Skilled Workers as Reason for Failure of Microfinance Institutions (MFIs) in Nigeria, May 25, 2010: https://www.microcapital.org/microcapital-brief-president-of-the-nigerian-association-of-small-and-medium-enterprises-nasme-cites-lack-of-skilled-workers-as-reason-for-failure-of-microfinance-institutions-mfis-in-nigeria/

MICROCAPITAL BRIEF: Nigerian National Association of Microfinance Banks (NAMB) Announces 10-Point Plan to Revitalize Microfinance Banks, May 19, 2010: https://www.microcapital.org/microcapital-brief-nigerian-national-association-of-microfinance-banks-namb-announces-10-point-plan-to-revitalize-microfinance-banks/

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