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Governor Makinde Directs That 500 Million Naira Fund Be Set Up For MSMEs To Boost Entrepreneurship

Seyi Makinde

The Governor of Oyo State, Seyi Makinde has directed that a 500 Million Naira Fund be set up for MSMEs. Also, he is set on facilitating the employment of 5000 youths in the State.

This information was disclosed on Monday, 26, October during his opening remarks at the Post EndSARS protest meeting with Traditional Rulers, Local Government Chairmen, Clerics, and other Stakeholders in Oyo State.

In the meeting, Seyi thanked everyone for their cooperation during the protest; specifically, how they repelled thugs and hoodlums which in turn reduced the loss of humans and materials compared to other states.

Start Your Business in 30 Days Even If You Don't Have An Idea
Start Your Business in 30 Days Even If You Don’t Have An Idea

Also, He stated some of the ways forward and subsequent events to improve the state. He also implored citizens to be more responsible.

See Also: FG/CAC Free Business Names Registration For 250,000 MSMEs In Nigeria

The 500 Million Naira Fund And Other Development

According to Gov. Seyi Makinde, “I have directed that a 500 Million Naira MSME fund be set up. This fund will be disbursed to youths who have bright entrepreneurial ideas that will provide further employment and improve the economic landscape in Oyo State”.

Also, Seyi announced; “I have directed the employment of 5,000 young persons across all government agency schemes over the next few months. The criteria for employment and the dates for assessment will be announced by the agency authorities.”

He also assured that there will more employment opportunities for residents who have requisite skills when projects are awarded. “Going forward, starting from 2021, there will be provisions made for the Direct Labour Agency in the budget. This will ensure more employment opportunities for residents who have requisite skills when projects are awarded” he said.

He also added, “We will be proceeding with the fifth phase distribution of palliatives by the end of this week having completed the verification of the individuals who qualify for them”.

What It Means For Entrepreneurs

This new development from the Governor of Oyo State is in line with the administration’s mantra of putting people first. So, this will have a huge impact on business-oriented youths and their entrepreneurial pursuit. It will help beneficiaries to expand their scope, start a new business, and hire more people to help grow the economy of the state and increase their GDP.

Also, employing over 5000 young persons in the next few months will help reduce the unemployment rate.

Are a resident of Oyo state or do you know someone who lives in Oyo state, kindly keep your ears on ground.

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1 thought on “Governor Makinde Directs That 500 Million Naira Fund Be Set Up For MSMEs To Boost Entrepreneurship”

  1. Adebayo Adegboyega

    Kudos to His excellence Governor Seyi Makinde. But what will pain us is that if we notice that the money was shared as slot to party members or the youth that benefits from it are few because it is for the youth. Also, the criteria should not be difficult to get.

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