• Sunday, May 26, 2024
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UNDP launches N200m fund for 420 MSMEs in Bayelsa

UNDP launches N200m fund for 420 MSMEs in Bayelsa

The United Nations Development Programme (UNDP) has announced N200 million in funding to 420 Micro, Small, and Medium Enterprises (MSMEs) in Bayelsa State.

According to a statement, UNDP said this initiative in collaboration with the European Union is aimed at empowering businesses and mitigating socioeconomic challenges.

Governor Douye Diri during a ceremony held at the Government House in Yenagoa, presented a cheque to Joyce Oboro, leader of the UNDP delegation symbolising his support.

“This administration had already embarked on significant initiatives, including training and empowering Bayelsa’s with starter packs and monthly grants of N200,000 to 420 small business owners across the state’s 105 wards,” he said.

Read also: AfDB, UNECA, UNDP call for sustainable industrialization in Africa

The governor assured the UNDP delegation of the state’s commitment to the partnership, citing a shared vision of prosperity for Bayelsans. He recognised the UNDP’s previous support during the 2022 flood crisis, highlighting the organisation’s longstanding friendship with Bayelsa State.

“For us as an administration, our mantra has been shared prosperity,” Governor Diri stated. “Our people have to prosper in all aspects of their lives. So we are grateful to meet development-oriented organisations like yours.”

Diri emphasised the importance of capacity building and mentorship in MSME development, reiterating the government’s dedication to nurturing local businesses for sustainable growth.

“While infrastructure is essential, investing in human capital is paramount to effectively manage and maximise its benefits,” he said.