Small businesses get N53b to create 1 million jobs

March 5, 2021

Small businesses get N53b to create 1 million jobs

Posted by News Express | 5 March 2021 | 27 times

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The Bank of Industry yesterday disclosed that it had disbursed N53 billion to Micro, Small and Medium Enterprises (MSME), thereby creating jobs for about one million Nigerians.

BOI’s Executive Director, Micro-Enterprise Directorate, Mrs. Toyin Adeniji, made this known during the graduation of the first batch of the participants of the Post-COVID-19 Economic Strategy Pilot Training Programme at the   Local Government Service Commission office, in Abere, Osogbo.

Adeniji said: “We have disbursed over N53 Billion to MSMEs in different sectors, thereby facilitating the creation of an estimated one million direct and indirect jobs.

“BOI provides subsidised loans to MSMEs at a single digit all-inclusive interest rate, which has helped to stimulate economic activities in the MSME sector.

Osun State Governor Adegboyega Oyetola said his administration had adopted a proactive strategy to stimulate the economy of the state which hitherto was adversely affected by COVID-19.

He also presented cash seed loans to 2,000 successful trainees of the Skills Upgrade and Entrepreneurship Training Programme.

Oyetola added that his administration had put in place, a workable strategy and   measures by making skill upgrade training, a priority in its 2020 budget as part of efforts to cushion the effects of the  global economic downturn and prepare for the worst circumstances that might arise.

The governor noted that the programme was designed to generate 15,000 direct and indirect sustainable job opportunities for the people annually.

He said his administration had set aside N100 million for disbursement to beneficiaries of the scheme as seed loans of N100,000 only to each participant.

His words: “As an institution charged with providing security and welfare for citizens, our government, on coming to office two years ago during the world economic downturn adopted a proactive strategy to prepare for the situation and the worst circumstances that might arise.

“Under the Skills Upgrade training programme, we were able to re-focus, re-engineer and expand the scope, knowledge and relevance of artisans and people who lost their jobs to make them relevant under the new normal orchestrated by Covid-19.”

The Commissioner for Commerce, Industries, Cooperatives and Empowerment, Bode Olaonipekun, said the programme was put together by the government as part of efforts to address the adverse effects of the COVID-19 pandemic and ameliorate the disruptions to the livelihood of citizens.

He said 2,000 participants were all trained in 15 different types of skills and empowered with startup loans to support their businesses. (The Nation)

Source: News Express

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