Fayemi disburses over N45 million grant to over 100 micro, small scale business owners


Over 100 micro and small-scale business owners in Ekiti State have benefitted from the Social Investment Programme of the state governor, Dr Kayode Fayemi.

Fayemi disburses over N45 million grant to over 100 micro, small scale business owners

Disbursing the grant to the beneficiaries at a flag-off ceremony in Ado Ekiti, Governor Fayemi said the initiative was a well-thought-out programme aimed at ameliorating the attendant financial constraints and other social-economic challenges brought about by the COVID-19 pandemic.

The governor, who was represented by the Commissioner for Finance and Economic Development, Mr Akin Oyebode, reiterated the commitment of his administration to programs explicitly tailored to mitigating poverty among Ekiti people and dwellers by opening new economic horizons for committed youths, women and men entrepreneurs.

He said the program is an offshoot of EK-CARES initiative and falls under Pillar 3 of the social investment agenda.

Governor Fayemi, appreciating the federal initiative in collaboration with the World Bank at ameliorating the various challenges encountered by entrepreneurs during the pandemic, charged the beneficiaries to make judicious use of the grant for the growth of their businesses.

The governor hinted that officials of the World Bank and Independent verification agents shall be visiting the beneficiaries to measure the impact of the grant.

In his address, the finance commissioner, who was represented by the Permanent Secretary of the ministry, Mr Babasola Folorunso, said Ekiti’s COVID-19 Action Recovery and Economic Stimulus is aimed at facilitating recovery and enhancing capabilities of local businesses through interventions designed to reduce the vulnerability and cushion the effect of income-loss brought about by the pandemic and its disruption to regular commercial activities.

He said the program has recorded success through the support of the federal government and BOSAK Micro Finance Bank which provided technical assistance on project activities and results.

In his remarks, the Director General of MEDA in Ekiti State, Otunba Kayode Fasae, appreciated Governor Fayemi for his interest in alleviating poverty among Ekiti residents who have been badly affected by the scourge of COVID-19.

Fasae noted that the beneficiaries were drawn from all the Local Government Areas ( LGAs) and Local Council Development Areas (LCDAs) in the state, through three delivery platforms.

There were goodwill messages from the Head of Service, Barr. Bamidele Agbede, GCEO BOSAK Micro Finance Bank, Mr Kola Bello and state CARES Coordinator Bukola Ogunlade. They all appreciated Governor Fayemi and urged the beneficiaries to channel the money to what it was meant for.

Speaking on behalf of the beneficiaries, Mr Kolade Joshua from Emure Ekiti appreciated the State government for deeming it necessary to cushion the effect of income loss caused by COVID-19 and promised to make judicious use of the grant given to them.

The beneficiaries went home with money ranging from two hundred and fifty thousand naira to nine hundred and fifty thousand naira.

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