Governor Seyi Makinde of Oyo State, this morning announced that the state has flagged off the N1 billion Micro, Small and Medium Enterprises (MSME) Development Fund.
“This injection of funds into Small and Medium scale enterprises is part of 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 stated.
“We are executing this intervention through the Oyo State Investment and Public-Private Partnership Agency (OYSIPA) to reach MSMEs across the 33 Local Government Areas in the state. This fund will provide loan facilities of up to N3 Million per MSME. It will be disbursed through Microfinance Banks at a single-digit interest rate” Makinde added.
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 a period of time to identify people that are actually in need of the scheme. He also made a symbolic presentation of cheques to the beneficiaries at a brief ceremony held at the Government House, Agodi, Ibadan.
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.
