Oyo Govt Trains Traders, Artisans On Business Insurance

Oyo State government has trained 180 traders and artisans with prerequisite leadership skills to support the growth and development of Traders and Artisans Micro, Small and Medium Enterprises (MSMEs) in the state.

The training and business insurance launch was held at Federal Government Secretariat, Agodi, Ibadan, with participants from the 33 local government areas in attendance.

This initiative was part of the state government’s broader efforts to support MSMEs, traders and artisans, which are critical to the state’s economic growth.

Commissioner for Investment, Trade, Cooperatives and Industry, Adeniyi Adebisi, who was represented by the assistant director, Trade, Mr Olawale Olanrewaju, said the training programme aims to educate traders and artisans on the importance of insurance policies.

He noted that the state government does not want any business to fail in Oyo State and is committed to providing the necessary support.

The commissioner emphasised that insurance companies now have a regulatory body that supervises them, ensuring that they pay compensation when accidents or permanent disabilities occur.

“The Oyo State government has also approved a single-digit interest loan scheme for Traders and Artisans in the 2025 budget,” he said.

This flexible loan programme requires minimal collateral, making it easier for businesses to access funding, the government aims to provide financial support to businesses, enabling them to purchase necessary tools and equipment.

Babaloja General of Oyo State, Alhaji Y.K. Abass, commended the initiative, adding that “leadership plays a vital role in business success.”

He emphasised the importance of insurance as a shield against unforeseen circumstances, protecting businesses from unplanned expenses and offering a financial cushion.