Home News Makinde Flags Off N1b Development Scheme — MSMEs Are Suffering

Makinde Flags Off N1b Development Scheme — MSMEs Are Suffering


Governor of Oyo State, Engineer Seyi Makinde, on Friday, flagged off a N1 billion Oyo State Micro, Small and Medium Enterprises Development Scheme, as part of interventions targeted at stimulating the economy of the state after the COVID-19 pandemic.

The governor, while presenting symbolic cheques to some beneficiaries of the scheme at the Government House, Agodi, Ibadan, said the scheme will stimulate the economy of the state and create more jobs for its teeming youths.

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He added that the scheme will also make small and medium enterprises to be self-reliant.

A statement by the Chief Press Secretary to Governor Makinde, Mr. Taiwo Adisa, quoted the governor as saying that the scheme is part of the state’s post-COVID-19 economic recovery plan.

He said: “We are here today to flag off our administration’s N1 billion MSME Development Intervention Fund. The injection of funds into MSME is part of our post-COVID-19 economic recovery plans. When we talk about MSMEs, we are referring to organizations that have between less than 10 and less than 200 employees.

“We are well aware that even though we did not effect a total lockdown in Oyo state, many MSMEs have suffered and are still suffering because of the partial lockdown.

“I have mentioned some private schools and businesses that depend on them; they have food vendors and the rest of them. They have all suffered under the partial lockdown. Night clubs, event centres are dependants too and they have also not been unable to make any earning.”

The governor, therefore, urged all the beneficiaries to make use of the loan judiciously and to abstain from ventures, activities that can ruin their businesses.

Some of the beneficiaries who got the cheques included; Mr. Olarinde Olakunle, who received N2.5 million; Adeniji Ruth Fausat, who got N3 million; and Oladimeji Taofeeq, who also got N3 million.

Speaking on behalf of the beneficiaries, Mr. Olakunle appreciated the Makinde-led administration for deeming it fit to provide them the loan, promising that the loan will be used judiciously.

Some of the dignitaries at the event included the deputy governor, Engr. Rauf Olaniyan; the Secretary to the State Government, Mrs. Olubamiwo Adeosun; the Commissioner for Agriculture, Hon. Jacob Ojemuyiwa; Commissioner the Commerce, Hon. Niyi Adebisi; his Finance counterpart, Mr. Akinola Ojo; and the Director-General, Oyo State Investment and Public Private Agency, Hon. Segun Ogunwuyi, among others.

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