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Home Financial Literacy Small Business

Makinde inaugurates N1bn SMEs development scheme

Ruth Okwumbu-Imafidon by Ruth Okwumbu-Imafidon
June 20, 2020
in Small Business
Seyi Makinde, Governor Makinde directs the employment of 5000 youths

Seyi Makinde

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As part of plans to hasten the economic recovery of businesses in Oyo state, the state Governor, Seyi Makinde, has inaugurated a N1billion Micro, Small and Medium Enterprises (MSMEs) Development Scheme.

This intervention scheme is expected to stimulate the local economy of the state, and kick off the post-COVID-19 economic recovery plans.

The News Agency of Nigeria (NAN) reported that Makinde presented cheques to some beneficiaries on Friday.

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While carrying out the symbolic presentation of cheques to some of the beneficiaries, the governor said that the scheme would not only stimulate the economy of the state, but create more jobs for its teeming youths and make owners of small and micro businesses to be self-reliant.

READ MORE: FG grants new MSMEs 80% discount on NAFDAC registration

He encouraged all of the beneficiaries to make judicious use of the loans, by abstaining from ventures and activities that could ruin their businesses, and driving profitable structures and strategies.

According to NAN, the beneficiaries received various sums. For instance, Olarinde Olakunle received N2.5 million, while Ruth Adeniji and Taofeeq Oladimeji received N3 million each.

Olarinde Olakunle, who spoke on behalf of all the beneficiaries, thanked the government for the loan and promised that it would be put to judicious use.

READ MORE: Female entrepreneurs get N26 billion BOI loans 

Other state governments have equally rolled out intervention packages for MSMEs in their states, as part of efforts to strengthen the local economy in preparation for the post-COVID-19 economy.


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Tags: Business NewsMSMEsNigeria NewsOlarinde OlakunleSeyi Makinde
Ruth Okwumbu-Imafidon

Ruth Okwumbu-Imafidon

Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career. As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via ruth.okwumbu@nairametrics.ng

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Comments 1

  1. Nurudeen Akinpelu says:
    May 22, 2021 at 12:51 am

    How can one Grant from Oyo state

    Reply

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