By Ologeh Joseph Chibu
To foster entrepreneurship, the Ekiti State government has provided funds for 922 micro and small enterprises.
Ekiti State in the past one year has hosted scores of investors from across the world including but not limited to the Chinese.
The fund total N400 million in grants since October 2022. This initiative underscores the state’s commitment to job creation and sustainable development, recognizing small businesses as key drivers of the economy
Speaking at a recent event, Governor Abiodun Oyebanji emphasized the importance of SMEs in transforming communities and promoting economic stability.
“In Ekiti State, we believe in the power of small businesses to transform communities and drive sustainable growth,” he stated. “These grants are more than just financial support, they represent our dedication to nurturing the entrepreneurial spirit of our people, ensuring that businesses can grow, thrive, and contribute to the shared prosperity of Ekiti.”
The N400 million grant distribution is part of a broader economic strategy aimed at tackling unemployment and boosting local businesses. By targeting micro and small enterprises, which often face barriers in accessing capital, the state government hopes to create a more vibrant economy where these enterprises can scale and create jobs. Small businesses play a crucial role in Ekiti’s economy, from agriculture to manufacturing, and supporting them with grants will, in turn, spur innovation and long-term economic benefits.
The impact of the grants has already been felt by many recipients. Entrepreneurs who were previously constrained by limited access to funds are now expanding their businesses, hiring more staff, and contributing to the local economy. One of the recipients, a local entrepreneur who runs a textile business, said the grant allowed her to purchase new equipment and hire additional workers, significantly increasing production capacity.
In addition to financial aid, the state government has also put in place programs to offer technical support, business training, and mentorship to ensure that beneficiaries maximize the impact of the grants. By coupling financial aid with capacity building, Ekiti aims to create an environment where businesses are not just surviving, but thriving.
As the initiative continues, Ekiti State remains focused on scaling up its efforts to support more small businesses. Governor Oyebanji reiterated the government’s dedication to fostering a robust and inclusive economy where every entrepreneur has the opportunity to succeed.
The N400 million grant program is part of a larger vision to position Ekiti as a hub for innovation and entrepreneurship in Nigeria. With plans to further invest in infrastructure, technology, and education, the state government’s efforts are set to continue paving the way for long-term economic growth and stability.
By empowering small businesses, Ekiti is charting a path toward a prosperous and self-reliant future, ensuring that every citizen has a stake in the state’s economic development.
