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Gov Fayose Flags Off Distribution of N500m MSMEs Loan

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“The flag off of the scheme was a further testimony of the governor’s continued contribution to the development of MSMEs in the state.” – Ojo

Ekiti State government on Wednesday, flagged off distribution of the Ekiti State Government/CBN Micro, Small and Medium Scale Enterprises loan in its effort to improve the welfare of the people.

The State Commissioner for Finance, Chief Toyin Ojo who described the ceremony as a very important milestone in the life of the Ayodele Fayose administration thanked the state governor for his efforts at ensuring the programme saw the light of the day, adding that the flag off of the scheme was a further testimony of the governor’s continued contribution to the development of MSMEs in the state.

Chief Ojo who said Micro, Small and Medium Scale Enterprises have been acknowledged universally as a delivery mechanism for economic development and poverty alleviation stressed that research has shown that MSMEs account for more than 95 percent of all productive activities (besides oil and agriculture) with the capacity to employ over 70 percent of the workforce as well as ability to contribute about 70 percent to GDP.

The Ekiti State Governor, Mr. Ayodele Fayose who was represented by his deputy, Dr. Kolapo Olusola in his address charged members of the Ekiti State Government/CBN/SMSE Development Fund Technical Committee to ensure the creation of enabling environment to facilitate SMSEs’ prompt access to the funds and also make sure it gets to the grassroot as well as the need for beneficiaries to pay back as at when due.

“While the committee in charge of the disbursement of this fund has been instructed to do what is right by giving enabling environment to those who are qualified to access this fund, a lot of moral burden is placed on those of us who are the beneficiaries to also ensure that we do not default in repaying this loan.

“I want to tell you that the era of business as usual has gone for good in Ekiti State. There is nobody that will take this loan and will not be made to pay back within the stipulated period, I am laying emphasis on it because this is very, very important, this is the first tranche of this disbursement, if those of us benefiting in the first phase fails to repay as at when due, apart from the fact that we are ripping off the state government despite the economic recession that we are experiencing, the other disadvantage of defaulting is that we’ll be depriving those who are expected to benefit from the second phase of this same fund and that will not be fair on other noble citizens of the state who are expected to also be beneficiaries of this loan”, the governor said.

Reacting on behalf of the micro-finance banks who will serve as intermediaries between the people and the government regarding the loan repayment, GM of Ikole Micro-Finance, Mr. Toyin Famoroti, while promising that the banks will not disappoint the government in the discharge of their duties, thanked the state government for giving Ekiti people this uncommon opportunity for economic emancipation.

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