The Oyo State Government will benefit from a Central Bank of Nigeria’s intervention fund worth N2bn to support the growth of Small and Medium Enterprises in the state.
The state governor Abiola Ajimobi, who was represented by the Secretary to the State Government, Mr. Olalekan Ali, stated this on Tuesday while declaring open a one-day synergy conference held at the Lead City University, Ibadan.
The institution partnered with the state’s Ministry of Industry, Applied Science and Technology as well as the International Centre for Leadership and Entrepreneur Development to organise the conference.
The governor highlighted the importance of peace to sustainable economic development in any society, while pointing out that the N2bn was being processed by the state government and would soon be disbursed by the CBN.
The governor said, “Peace is central to the growth and development of every economy. We have been able to process a sum of N2bn from the CBN and soon the fund will be ready. The purpose of the intervention fund is to aid the SMEs growth in the state.
“As part of the efforts of the government to help the growth of industry in the state, we have created industrial estates and free trade zones.”
Ajimobi urged the Federal Government to improve power supply to the state and the whole nation.
“Power supply is still unstable but it is beyond the state government’s capacity. We therefore call on the Federal Government to step up its efforts to improve on the sector. However, this administration is in talks with private investors to explore every avenue that will aid power stability so that our industry can grow at an appreciable rate.”
The Director of Consultancy Services, Lead City, Dr. Olajumoke Familoni, said the conference would develop a model that would help to bring together entrepreneurial agencies and the SMEs in the country.
“The thrust of the conference is to develop a model for synergy between entrepreneurial agencies and Small and Medium scale Enterprises in Nigeria; the target is also to expose participants to a wide range of avenues which can be utilised to alleviate poverty in the country,” Familoni said.
Heads of industries and agencies like National Agency for Food and Drugs Administration and Control, and Corporate Affairs Commission were present at the event.