Ogun Govt Assures SMEs Of Sustainable Environment For Growth - EDU-BIZNEWS


Friday, April 12, 2024

Ogun Govt Assures SMEs Of Sustainable Environment For Growth

Ogun State Government has reassured operators of Small and Medium Enterprises (SMEs) of its unwavering commitment to creation of an enabling environment for their businesses 
to thrive and achieve its objectives towards promoting national development.

The State Commissioner for Industry, Trade and Investment, Mr. Adebola Sofela gave the reassurance at the 4th Nigeria National S.M.E Business Awards (NNSBA) 2024 which has its theme, “Collaborative Initiatives: Strengthening Networks for SMEs”, organised by the Association of Small Business Owners of Nigeria (ASBON), in collaboration with the Lagos State Ministry of Commerce, Cooperatives, Trade and Investment, at the Civic Centre, Victoria Island, Lagos.

Sofela who was represented by the Director of Industrial Promotion, Ministry of Industry, Trade and Investment, Engr. Kehinde Akintomide, said that the Prince Dapo Abiodun-led administration would continue to improve business ambience through access to finance, capacity-building programmes and market linkages.

“Through various initiatives, policies and interventions, we are dedicated to creating an enabling environment that fosters the growth and prosperity of SMEs. Whether through access to finance, capacity-building programmes or market linkages, we remain steadfast in our resolve to provide the necessary support for SMEs to thrive and succeed”, he said.

The Commissioner stated that, in line with government’s drive to support small businesses in accessing affordable finance, the state had made available N2bn MSME Loans and Grants, as well as Ogun State Agricultural and Multipurpose Credit Agency (OSAMCA) loan, the OGSG- Bank of Industry (BOI) Matching Fund, which offers beneficiaries loans at single digit interest and the Oko’wo Dapo, for small businesses.

He pointed out that regulatory reforms had also been introduced to improve the ease of doing business in the state, stressing that government’s effort “is evident through initiatives such as, streamlined business registration processes, investment in critical infrastructure and establishment of industrial parks and clusters, to attract investment and stimulate industrial growth”.

The Commissioner, who lauded the resilience of SMEs despite various challenges, commended ASBON and the Lagos State Ministry of Commerce, Cooperatives, Trade and Investment, for honouring resilient small businesses.

Speaking on the topic: “Resilience in Uncertain Times”, Special Adviser on Investment Promotion and Facilitation (OgunInvest), Ms. Sola Arobieke, gave kudos to the MSMEs for demonstrating resilience amidst global economic shifts and post-Covid-19, stating that the state government would not relent in supporting the sector to achieve its objectives.

She informed that the state government had taken decisive steps to bolster investors’ confidence by creating an optimal business environment and actively supporting business expansion initiatives for both existing and potential investors across the region.

Commending the organisers of the Award ceremony, the Governor’s aide, noted that her agency was established to assist investors through elimination of bureaucratic obstacles, offering timely information to streamline business operations in the state by facilitating land acquisition, title processes, as well as obtaining necessary regulatory permits and concessions.

On his part, Chairman of Odua Investment Company Limited, Otunba Bimbo Ashiru, who doubles as the Chairman of the occasion, emphasised the vital role of SMEs in global business, noting that as a significant driver of economic growth, job creation and provision of direct services, the sector had fostered growth in various industries, thereby boosting the nation’s economy.

Earlier, President, Association of Small Business Owners of Nigeria (ASBON), Dr. Femi Egbesola said the award was organised by the ASBON, an association of over 40,000 members scattered across 34 States of the country, to celebrate SME enablers’ outstanding contributions between January and December 2023.

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