…Disburses Over N1 Billion to Beneficiaries
Ekiti State Government in partnership with the World Bank, has disbursed over N1 Billion under the Ekiti CARES Results Area 3 programme to support Micro and Small Enterprises (MSEs) affected by the COVID-19 pandemic.
Speaking to newsmen in Ado-Ekiti, the Commissioner for Trade, Industry, Investment and Cooperatives, Mrs. Omotayo Adeola, said the initiative aims to ease financial burdens on businesses, facilitate recovery and enhance economic growth in the State.
“Many businesses struggled during the COVID-19 pandemic due to movement restrictions, loss of customers, unpaid salaries, mounting rents and loan obligations. The Results Area 3 Programme was designed to help them recover,” Mrs. Adeola stated.
The State Commissioner explained that the programme provided three categories of grants: credit grants, covering 40% of outstanding loans for businesses that obtained bank loans before the pandemic; operational grants, which support rent, staff salaries and procurement of business stock; IT enhancement grants, which provide digital tools such as laptops, smartphones and internet access to help businesses transition to online platforms.
“So far, over 3,100 businesses across Ekiti State have benefitted from the programme, with N423 million allocated for credit grants, N879 million for operational grants and N103 million for IT enhancement”, she explained.
Mrs. Adeola further emphasized that businesses across all the 16 Local Government Areas and 22 Local Council Development Areas in the State benefited and the grants were distributed across various sectors, including artisans, private sector businesses, members of associations such as the Ekiti Chamber of Commerce, Industry, Mines and Agriculture (EKCIMMA), the Nigerian Association of Small-Scale Industrialists (NASSI), and other business groups.
The State Commissioner noted that while the programme does not directly provide training, the Ministry has organized entrepreneurship and financial management workshops to ensure beneficiaries utilize the funds effectively.
The Programme Manager, Ekiti CARES Results Area 3, Mr. Kehinde Otitoju, disclosed that the initiative has positively impacted the local economy.
“The injection of over N1 Billion into the economy has had a multiplier effect, boosting business operations, increasing household incomes and improving the standard of living,” Mr. Otitoju said.
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While reaffirming the government’s commitment to fostering a thriving business environment, the Programme Manager urged beneficiaries to use the grants responsibly.
Several beneficiaries lauded the initiative, noting that it enabled them to reopen businesses that had shut down due to financial constraints, restock inventory, settle debts and expand their operations.