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Makinde Flags off N1bn MSME Development Fund

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Makinde Flags off N1bn MSME Development Fund



Oyo state Governor, Seyi Makinde on Friday flagged off his administration’s One Billion Naira 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 the 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. Therefore, an injection of fund as we are about to do will revitalised the state’s economy. He said the gesture would continue until the following have been achieved. These include:
The milit 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 Gross Domestic Product (GDP), it will create more employment opportunities for the people of Oyo state.


Makinde 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.”
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.
Makinde 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 i s earmarked for.


Dignitaries at the flag off ceremony 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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