Ekiti Supports Private Sector-driven Economy

Ekiti State government has expressed its desire to make its economy private sector-driven.
The state’s deputy governor, Mrs Monisade Afuye, said it will achieve the government’s shared prosperity agenda.

Afuye spoke in Ado Ekiti during the unveiling of the N1 billion cheque/launch of the Ekiti State government/ Access Bank Women Initiative Loan Programme.

This came as the wife of Ekiti State governor, Prof. Olayemi Oyebanji, canvassed the provision of robust financial services to inspiring women entrepreneurs striving to grow their businesses and improve their livelihood.

Afuye said the initiative was part of the government’s efforts to ensure the progress of small-scale business owners and for the prosperity and wealth of Ekiti to come to everyone.
She added, “It is to provide access to working capital through low-interest loans for women who are business entrepreneurs for the promotion and the economic growth of our state.

Mrs Oyebanji said such financial services are vital to the growth of self-employment, the accumulation of assets by small businesses, and the creation of wealth.

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She added that financial inclusion for women holds an even more important significance, saying when women have access to financial services, it leads to increase mainly in health, education, nutritious food and personal development.

‘This, in turn, results in empowerment and transformation within that community. Women’s success has a ripple effect that extends beyond their immediate family to their communities and society at large. Recognizing this, the government at all levels has come to understand the critical roles women play in the social and economic development of our society.

Earlier, the commissioner for trade, industry, investment and cooperatives, Mrs Omotayo Adeola, said the loans are in three categories: micro-enterprise startup loans, micro-enterprise loans and small and medium enterprises.

According to her, the beneficiaries can access up to N250,000, N500,000, and N2,000,000 in the first, second, and third categories, respectively, with a 10 percent interest rate per annum.