The body of Permanent Secretaries in Ekiti State has expressed optimism that the N220 Billion Micro, Small and Medium Scale Enterprise Development Fund of the Central Bank of Nigeria (CBN) will boost industrial development in Ekiti State and other benefiting States.
Delivering a lecture titled “Transforming the Ekiti State Economy through Micro, Small and Medium Scale Enterprises” at the monthly Peer Review meeting of the Head of Service and Permanent Secretaries in the State held in Ado Ekiti on Tuesday, the Permanent Secretary in the Ministry of Commerce, Industries and Cooperatives, Mr Babatunde Akilo said the MSME loan is one of the most effective strategies to fast track the promotion of productive economic activities in the State.
Ekiti State is entitled to up to N2 Billion for a maximum renewable period of three years.
Akilo who hinted that Ekiti State has fulfilled all the requirements of the CBN said collation of applications was ongoing for the disbursement of the fund and successful applicants would soon access the fund.
He stressed that the overwhelming response of Ekiti people to the scheme was an indication that the State desired industrialization.
The Permanent Secretary noted that the MSME sub sector hold the best prospect for the growth of the State economy because most of the businesses in the State could best be categorised as MSME.
On the impact of MSME, Akilo said the sub sector does not only bear direct relevance to the teeming unemployed population as it provides prospects for employment generation but also provides greater possibilities for the use of locally available raw materials.
The Permanent Secretary said it was incontrovertible that MSME is a veritable platform for wealth creation, poverty reduction and employment generation.
He however noted that visionary leadership and political will that prioritises SMEs and allocates adequate resources to Tue sector, concentration on the agro-allied sector as well as efforts at tackling the aversion of Ekiti people to risk taking in business are needed for MSMEs to play a developmental role in the State.
In his remarks, the chairman of the meeting and Head of Service, Dr. Olugbenga Faseluka said the monthly review was occasioned by the economic realities in the State with the aim of addressing the financial crunch through the civil service which is the backbone of government.
Dr. Faseluka who disclosed that the reviews had focused on the economic sector since January when it began, stated that the review meeting will also serve as a springboard for decision making for the leadership of the civil service and articulate positions that will guide government in policy making with regards to the economy of the State.
O’Seun Ogunsakin
Press officer, Office of Head of Service