Medium, Small Enterprises, Our Focus For Economic Stability – Oyetola

…As Osun Micro-credit Agency Distributes About One Billion To Beneficiaries

Osun State Governor, Mr. Adegboyega Oyetola has described the cluster of medium and small scale enterprises as the potent drivers of a sustainable economic development.

Oyetola said their values in repositioning the economy has made his administration put necessary focus on them through the concerted efforts of giving financial supports to them.

The governor made this known through his Special Adviser on Civic Engagement, Hon. Olatunbosun Oyintiloye during the Sensitization Program for the beneficiaries of seventh edition of Medium, Small and Micro Enterprise Development Fund (MSMEDF) held at Shammah Guest House, Osogbo.

He noted that the development fund which is to the tune of almost one billion being distributed to the medium and small enterprises, is part of the series of social intervention programs targeted toward economic recovery from the ruins of Covid-19.

Cross Section of Beneficiaries

“While our administration has executed and facilitated myriad of social intervention programs focusing on the youths, women, farmers, the socially vulnerable among others to serve as economic stimulus package after the negative impact of Covid-19, this is yet another one which comes with the intent to expand the capital base of our medium and small enterprises for the growth of our economic indices.

“The beneficiaries are hereby beseeched to use this privilege extended to them with the same purpose for which the funds are given to them, so as to bring the desired result in the state economy”, he added.

In their separate remarks, the Acting General Manager of Osun Micro Credit Agency, Elder Adesanya Olopade and the Chairman National Association of Microfinance Banks, Osun State Chapter, Alh. Salam Mojeed both described the funds as a relief loan for business owners because of its flexible terms such as reduced interest rate and long term of use, saying it is capable of improving medium and small scale businesses and the state economy at large.

They equally said the current tax rate in the state is business friendly for it’s one of the lowest among the states of the federation as it does not put untold burden on enterprises, while commending the governor for the golden opportunities given to the teeming beneficiaries and by extension, his productive governance which has brought about a sustainable socioeconomic development in the state.