Ekiti disburses N1bn to stimulate economy, boosts 3,000 MSMEs

…trains 100 youths on metering, basic electrical installations

Ekiti State Government in collaboration with the World Bank has disbursed over N1 billion under the Ekiti CARES Results Area 3 programme to support Micro, Small, and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.

The initiative aims to ease financial burdens on businesses, facilitate recovery and enhance economic growth in the State.

Omotayo Adeola, the Commissioner for Trade, Industry, Investment and Cooperatives speaking to newsmen in Ado-Ekiti, noted that many businesses struggled during the COVID-19 Pandemic due to movement restrictions, loss of customers, unpaid salaries, mounting rents and loan obligations.

While explaining that the programme was designed to help them recover, he said that the programme provided three categories of grants: credit grants, covering 40% of outstanding loans for businesses that obtained bank loans before the pandemic; operational grants, which support rent, staff salaries and procurement of business stock; IT enhancement grants, which provide digital tools such as laptops, smartphones and internet access to help businesses transition to online platforms.

“So far, over 3,100 businesses across Ekiti State have benefitted from the programme, with N423 million allocated for credit grants, N879 million for operational grants and N103 million for IT enhancement”, she explained.

Read also: FG constitutes committee to enhance financing of MSMEs

Meanwhile, the Ekiti State Government has trained 100 youths in meter and basic electrical installations as part of efforts to empower youths with relevant skills in the State.

Kayode Fasae, Commissioner for Wealth Creation and Employment, noted that the training programme was part of efforts of the Governor Biodun Oyebanji’s administration to empower youths in the State with skills that are relevant in modern day Nigeria.

While stressing that the 6-Day training programme was in tandem with the developmental agenda of the present administration in the State, Fasae said several job opportunities await them under the Mass Metering Policy of the State Government.

He said as part of efforts of the present administration in ensuring that youths and people of productive age in the State are not left behind, the Agency Banking Programme in conjunction with three banks that woukd ensure direct employment for 1000 Ekiti people as well as the Wema Bank Training and Empowerment Programme targeting 100,000 people would kick off within the next one month while the Bill for the Establishment of Ekiti State Employment Trust fund with a start up loan of N250 million was making progress at the State House of Assembly.

Mobolaji Aluko, Professor and the Commissioner for Infrastructure and Public Utility, noted that the training programme was part of concerted efforts of Governor Biodun Oyebanji Administration to ensure that electricity consumers in the State have access to prepaid electricity meters and regular electricity supply.