The Ondo State Government has initiated a loan program to support artisans and small business owners by disbursing a total of N220 million. This initiative aims to bolster small-scale enterprises and foster economic growth within the region. Launched recently, the program underscores the government’s commitment to reducing poverty and addressing unemployment challenges faced by many citizens.
Micro, Small, and Medium Enterprises (MSMEs) play a vital role in driving economic development. Governor Lucky Aiyedatiwa emphasized their significance in promoting local economic activities. By providing financial support through this loan scheme, the government aims to empower budding entrepreneurs to create jobs and innovate solutions that meet community needs.
During the loan presentation, Governor Aiyedatiwa, represented by Deputy Governor Olayide Adelami, shared insights on the government’s strategies to combat poverty and youth unemployment. He mentioned that the loan scheme is essential for enhancing the livelihoods of small business owners and controlling youth restiveness in the state. The Governor encouraged recipients to repay their loans promptly, which would enable the government to reinvest in the program and support more businesses in the future.
The loan distribution will be carried out in batches, targeting various groups and associations to streamline the support process. Adenike Ademujimi, Chairperson of the State Micro Credit Agency, reaffirmed the government’s dedication to the MSMEs. She advised beneficiaries on the importance of timely repayments to sustain the initiative and ensure continuous support for local entrepreneurs.
The Ondo State Government is also investing in other critical areas like agriculture and education. Initiatives include a food security program aimed at enhancing agricultural productivity and recruiting new teachers to improve education quality. These efforts are designed to stimulate the local economy and create a more sustainable environment for business growth.
Beneficiaries of the loan program, including artisans, expressed gratitude for the government’s support. Daisi Komolafe, a representative for the artisans, assured the government of their commitment to repaying the loans quickly. With this financial backing, the artisans are looking forward to enhancing their businesses and contributing more significantly to the state’s economy.
This loan initiative represents an impactful step towards economic empowerment for small business owners and artisans in Ondo State, paving the way for a more vibrant and resilient local economy.
