In a bid to boost small-scale businesses and stimulate economic growth, the Ondo State Government has begun the disbursement of N220 million in loans to artisans and small business owners. The initiative, launched on Tuesday, forms part of the government’s efforts to tackle poverty and unemployment in the state.
Speaking during the presentation of cheques to beneficiaries, Governor Lucky Aiyedatiwa, represented by his deputy, Olayide Adelami, highlighted the crucial role Micro, Small, and Medium Enterprises (MSMEs) play in driving economic growth. He emphasized that the soft loan scheme is a strategic effort by his administration to support local businesses and reduce youth unemployment.
“This loan scheme is one of the strategies of our administration to tackle poverty, reduce unemployment, and combat youth restiveness,” Aiyedatiwa said, urging beneficiaries to ensure timely repayment. “Effective repayment of this loan will encourage our government to inject more funds into the scheme, as we are committed to expanding its scope.”
Governor Aiyedatiwa also noted that his administration has been investing in various sectors to improve the state’s economy. He mentioned initiatives such as the agriculture and food security program, alongside efforts to enhance education, including the ongoing recruitment of 2,000 teachers for public schools and scholarships for over 11,200 students from Ondo State.
Adenike Ademujimi, Chairperson of the State Micro Credit Agency, reiterated the government’s commitment to MSME development, noting that the loan disbursement would be done in batches to groups and associations. She encouraged beneficiaries to make prompt repayments to ensure the program’s sustainability.
Segun Ayerin, the state commissioner for commerce, industries, and cooperative services, represented by Permanent Secretary Toyin Oni, also assured artisans and business owners of continued government support for initiatives aimed at improving the economy.
Daisi Komolafe, the Senior Special Assistant to the Governor on Artisan Matters, expressed gratitude on behalf of the beneficiaries, assuring the government of quick loan repayment. He also reaffirmed the artisans’ support for the All Progressives Congress (APC) in the upcoming November 16 governorship election.
This loan initiative is expected to significantly impact the local economy by empowering artisans and small businesses, ultimately fostering economic growth and reducing unemployment across the state.
