Thursday 9 July 2020

Ekiti Development: How Fayemi is Transforming Lives through Enterprise Development and Empowerment

In a bid to making Ekiti State the leading enterprise hub in the South-western part of Nigeria, the Executive Governor of the State, Dr. Kayode Fayemi, through the Ekiti State Microfinance and Enterprise Development Agency (MEDA), is driving a series of empowerment and enterprise development programmes for teeming entrepreneurs in the State.

In November 2019, the Governor Fayemi led administration sponsored the training of over 2,500 youths out of 4,500 slated for training for the Agric/Small and Medium Enterprise Investment Scheme (AGSMEIS), a business funding programme of the Central Bank of Nigeria. The training was to ensure that majority of Ekiti entrepreneurs got the needed skills and requirements to access the loan and transforms the face of entrepreneurship in the State. Preparations are also in top gear to begin the second phase of the training which covers the remaining 2000 participants, post COVID19.

Following a proper assessment of the beneficiaries, a set of 813 participants have just been invited for the AGSMEIS interview by NIRSAL.160 had been interviewed earlier, totalling 973 participants for final selection. This is the final stage to access the loans.

To bolster the financial capacity of women in SMEs in Ekiti, the State Government is currently disbursing Women Micro-Credit Loan Facility. This, in a short time, will improve commercial activities in the State.

As at the time of filing this reports, a Memorandum of Understanding (MOU), has been agreed with the Asset Logistics and the Agency for the supply of 1,000 tricycles. All Farmers Association of Nigeria (AFAN) Ekiti State chapter and Tricycle Owners/Riders Association of Nigeria (TORAN) Ekiti State chapter were all part of the arrangement.

About 100 artisans (mechanic, welder and battery chargers) carefully selected across the 16 Local Government Areas in the state will also be empowered this month by the state government.

In another development, the Ekiti State Government through the state Microfinance and Enterprise Development Agency (MEDA) is also working to ensure it assisted over 2000 entrepreneurs in their business registrations with Corporate Affairs Commission at a rebated price affordable by all the youths in business and existing SME’s operators in the state.

Another enterprising initiative by the State Government is the creation of Agric Village and the revamping of Ekiti School of Enterprise.

The Agency (MEDA) has also recovered over 70 million Naira out of the loans disbursed by the previous administration.

The State Government, through MEDA, has also profiled over 2000 beneficiaries to access the CBN COVID19 Loans. Each beneficiary will receive between 250,000 and 10,000,000 Naira to boost dwindling businesses. Over 700 had already benefited from loan ranging from 250k to 9.7m. This will further assist the government’s programme in cushioning the effects of the pandemic. This loan is being disbursed through NIRSAL.

On the debt owed the agency by previous beneficiaries of its loans’ opportunities, a debt recovery firm has just been employed to assist in getting back most of the state’s assets. While speaking with the news men in Ado Ekiti, the Director General of MEDA Otunba Kayode Fasae, commended Governor Kayode Fayemi for his giant strides in enterprise development and job creation in the state. He further stressed that the services of the loan recovery firm was highly necessary as the state would be unable to access and attract loans from financial institutions for its populace if they are known to have bad debt hanging around their neck.

Also speaking, a representative of the Debt Recovery Firm, Barr. Kehinde Ogunmodede said the firm has sprung into action on the 1st of July, 2020 with the major objective to recover the previous assets owed the Agency

These are no mean initiatives that point to the fact that Ekiti State, under the visionary leadership of Governor Kayode Fayemi, will experience a total turnaround through enterprise development.

Olubunmi Ajayi

Writes from Ado Ekiti