Governor Makinde flags off N1 Billion MSME fund for Small Businesses in Oyo State

Governor Seyi Makinde has today, presented cheques to beneficiaries of the Oyo State Micro-Small And Medium Scale Enterprises Incorporation Fund. This is to flag off the administration’s One Billion Naira Micro-Small And Medium Enterprises (MSME) Development Fund.

According to the State Governor, the MSMEs are part of the Oyo State post-COVID-19 economic recovery plan.

Makinde stated that “Even though total lockdown was not put in place in Oyo State, several small scale businesses have suffered under the partial lockdown. Inflation rates have also affected spending power and expansion and so businesses are not running optimally. Therefore, an injection of funds as we are about to do will serve to revitalise the economy. So we will, therefore, continue a scheme that will stimulate entrepreneurship as a key component of our administration’s economic expansion drive.

“The scheme will target the growth of MSMEs in the state for an enhanced GDP. The scheme will create more employment opportunities for people of Oyo State.”

The State Governor made this intervention through the Oyo State Investment and Public-Private Partnership Agency. Makinde disclosed that data had been gathered to know the people who are actually in need of the funds so that there is a spread and ultimately wide coverage among the thirty-three local government areas in the state.

The Governor presented the intervention funds in the presence of the Deputy Governor of the State, Engineer Rauf Olaniyan, the Secretary to the State Government, Mrs. Olubanwo Adeosun, Head of Service, Alhaja Ololade Agoola, Commissioner for Agriculture Hon. Jacob Ojemuyiwa, Commissioner for Trade, Industry, Investment and Cooperative, Hon. Adeniyi Adebisi, Commissioner for Finance, Mr. Akinola Ojo, Accountant General, Alhaji Gafat Bello, Director General, Oyo State Investment and Public-Private Partnership Agency, Hon. Segun Ogunwunmi, the Special Adviser to the Oyo State Government on Economic Affairs, Dr. Mutiu Adetunji, coordinating Director, Mr. Akin Makinde, and the Chief Press Secretary of Oyo State, Mr. Taiwo Adisa.

Makinde urged the beneficiaries to use the funds judiciously so that the state could derive maximum economic benefit from their enterprises.

The Beneficiaries, Mr. Oladimeji Taofeek, Mrs. Adeniji Fausat, and Mr. Olakunle Olarinde appreciated the Governor of the state for the funds and asserted that the funds would go a long way in expanding their businesses.