Gov. Makinde Flags Off N1bn Loan For MSMEs

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    By Bode Akinbode , Ibadan

    Oyo state governor, Engr. Seyi Makinde on Friday flagged off his administration’s N1billion Micro Small and Medium Enterprises (MSME) Development Fund.

    Makinde who made the symbolic presentation of cheques to the beneficiaries at a brief ceremony held at the Government House, Agodi, Ibadan said, “the injection of funds into Small and Medium Scale Enterprises is under our Post-COVID-19 Economic Recovery Plan.”

    “When you talk about MSMEs, you are referring to organizations that have between less than ten to two hundred employees.

    “Even though we did not result to total lockdown in the state, many small and medium scale businesses have suffered and are still suffering because of the partial lockdown.”

    The Governor however said inflation rate has affected the spending power of the people, adding that businesses that still operate are not running optimally and therefore, an injection of fund as we are about to do will revitalise the state’s economy.

    He said the intervention was made  through the Oyo State Investment And Public-Private Partnership Agency(OYSIPA), he said “we have seen situations in the past where both schemes revolved around the people that were in charge of the scheme, we checked the data we met on ground, we decided to take a different approach.”

    Governor Makinde said OYSIPA would be in charge of the scheme and expressed confidence that the agency would do a better job noting that the agency was had been gathering data over this period to identify people that are actually in need of this scheme.

    He said the scheme was targeted to reach all the 33 Local Government Areas in the state. ” we will also provide loan facility  of N3m which will be disbursed through Micro Finance Bank and Bank of Industry at a single interest rate.

    He urged the beneficiaries to make judicious use of the fund. Among the beneficiaries of the first phase include, Adeniji Ruth Fausat, Oladimeji Taofeek  and Olukunle Olarinde, each got a sum of N3m.

    Mr Taoofeek who spoke with GOALPOACHER NEWS after the symbolic cheque presentation, expressed gratitude to God and Engr Seyi Makinde. He hailed the governor for being responsive and responsible with his systematic approach to governance. He promised to use the fund for what it is earmarked for.

    Dignitaries at the flag-off 1ceremony include Deputy Governor, Rauf Olaniyan, Secretary to the State Government, Mrs. Olubanwo Adeosun, Director-General Oyo State Investment and Public-Private Partnership, Hon Segun Ogunwuyi, among others.

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