Ogun State Government has concluded plans to support micro and small enterprises across the state with N1bn operational grant.
The grant would be executed through the Ogun State COVID-19 Action Recovery and Economic Stimulus Programme,according to the Commissioner for Finance and Chief Economic Adviser to the Governor, Mr Dapo Okubadejo.
Okubadejo ,who disclosed this in Abeokuta, during a stakeholders’ engagement session organised for entrepreneurs in Ogun East and Ogun Central Senatorial Districts at Ijebu-Ode Local Government secretarial and Lafenwa respectively,said that Governor Dapo Abiodun, in partnership with the Federal Government and World Bank, was providing operational grant aimed at cushioning the effects of COVID-19 pandemic on micro and small enterprises.
He explained that the initiative was in recognition of the present administration’s significant contribution to the growth of the economy of the state, particularly in the area of job creation, to the Gross Domestic Product.
According to him,the two-year programme would provide a grant to cover the payment of operational costs usually incurred by entrepreneurs such as utility bills, rent and staff salaries, adding that MSEs who were in retail, fashion, hair/beauty care, light manufacturing and hospitality sectors had been selected for the first phase of programme, as more sectors would be considered in the subsequent phases.
He disclosed that for an enterprise to be eligible for the operational grant, it must be located in Ogun State and be in existence for over two years.
He also said such enterprise must have at least with three staff members and its profitability must have been affected by the COVID-19 pandemic.
Speaking, the Chairmen Odogbolu and Ijebu-Ode Local Governments, Honourables Shuaib Ladejobi and Emilola Gazal respectively, appreciated the state, federal governments and World Bank for the laudable initiative, adding that the operational grant would assist the SMEs to stabilise and reposition their businesses.
In their remarks,the Chairman, Ijebu Chamber of Commerce, Prince Rafiu Osiyemi, and the President, Association of Small Business Owners of Nigeria, Dr. Femi Egbesola, commended the governor for the opportunity given to MSMEs to boost their businesses and urged beneficiaries to use the grant wisely.