The Bayelsa Government said on Thursday in Yenagoa that it created over 7,000 direct and indirect jobs through the release of N1.88 billion loan to Small and Medium-scale to entrepreneurs and cooperatives.
Gov. Seriake Dickson stated this at the 2017 African SME EXPO with the theme `Promoting SMEs for sustainable development and economic growth’.
Dickson, represented by his Deputy, Rear Admiral John Jonah (rtd), said that his administration achieved the feat in partnership with the Bank of Industry and other relevant agencies.
He said that the initiative enhanced the growth of SMEs with direct impact on the economic growth of the state.
Dickson said that In furtherance to his commitment on job creation and empowerment of the teeming youths in the state, the government was also negotiating for a N2 billion Micro, Small and Medium Scale (MSME) Entrepreneurship loan.
He explained that in 2015, the government launched Izon Microfinance Bank to provide small businesses and serious minded entrepreneurs with access to capital.
“This is important for us because funding is crucial, if people are to innovate and think outside the box.
“We have achieved so much since the commencement of the Microfinance Bank, especially because the bank, with support provided by CBN and other funding partners, has supported women groups and cooperatives in the state to venture on their own.”
Describing SMEs as panacea for the growth of the local economy, Dickson stressed the need for the promotion of locally made goods and as well as simplifying business registration process.
“We need to deliberate in strengthening the existing institutions as in the Bayelsa example, where there is a law that one per cent of the annual state budget is released to the Bayelsa State Microfinance and Enterprises Development Agency for SME development yearly.”
