Adegboyega Oyetola, Minister of Marine and Blue Economy, launched three impactful programs facilitated by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in Osun State.
The ceremony, held at the Industrial Development Centre (IDC), Oshogbo, marked the initiation of the Conditional Grant Scheme (CGS) for micro-enterprises in Osun State, the National Business Skills Development Initiative (NBSDI), and the commissioning of an ultra-modern Common Facility Centre for Garment and Fashion.
Commending President Bola Ahmed Tinubu’s initiative for stimulating the economy and providing welfare for the people, Minister Oyetola stated, “Today’s interventions are loud testaments to the Federal Government’s determination to protect businesses in the country, especially the Nano, Micro, Small and Medium Enterprises (NMSMEs), which is a critical sub-sector of the Nigerian economy.”
He urged beneficiaries to seize the opportunities presented by President Tinubu’s administration, encouraging them to become active contributors to the small and medium scale business sector.
Charles Odii, Director General of SMEDAN, highlighted the significance of Nano, Micro, Small, and Medium Enterprises (NMSMEs) in job creation, employing over 62.5 million individuals and contributing substantially to the GDP and exports.
Odii explained that SMEDAN’s Conditional Grant Scheme aims to formalize micro-enterprises in Nigeria, involving capacity building, CAC registration, micro insurance provision, and granting N50,000 to each recipient. This program has impacted over 40,000 entrepreneurs across 22 states.
The National Business Skills Development Initiative (NBSDI), implemented in 12 states and FCT, focuses on providing entrepreneurship skills, vocational training, and empowerment materials to address the capacity gap among youths. In Oshogbo, 55 individuals received state-of-the-art equipment for fashion, catering, and leatherworks, along with cash grants of N50,000 each.
The day’s activities also included the provision of ATM cards to CGS beneficiaries and the distribution of industrial sewing machines, cookers, mixers, and fabricating machinery to the participants of NBSDI. This comprehensive effort aims to uplift and empower entrepreneurs in Osun State’s fashion and garment industry.
