Vice President Yemi Osinbajo on Saturday inaugurated Micro, Small and Medium Enterprises Shared Facilities for Fashion, Style and Shea Butter production in Ibadan, Oyo State. The project is a Federal Government project to be carried out in collaboration with the Oyo State Government, and other federal agencies aimed at promoting MSMEs in the country, including the Bank of Industry.
The Shared Facilities scheme is a fallout of the activities of the National MSME Clinics, which was introduced to help improve engagements between government and MSMEs in the country. Speaking at the inauguration, Osinbajo noted that small-scale enterprises played significant roles in the economic growth of the nation. He said the Federal Government in recognition of this fact put in place various programmes such as Trader Moni, Market Moni, among others to assist owners of small-scale businesses to boost their respective trades.
According to him, some machinery and equipment have been provided and installed for the use of entrepreneurs, who could not afford to buy the machines and equipment. Osinbajo said the availability of machines and equipment would give the MSMEs the opportunity to access and use them at affordable cost, thereby promoting their respective businesses and indirectly contributing to national economic growth.
He commended the Oyo State Government for supporting the Federal Government on projects aimed at reducing poverty and promoting the living standard of every Nigerian.
In his remarks, the Managing Director of the Bank of Industry, Olukayode Pitan, lauded the project, saying Shared Facilities project showed that the National MSMEs Clinics has yielded tangible fruit in supporting small businesses in the country.
Pitan added that the Public-Private Partnership model had been adopted to guarantee success and sustainability and promised that BOI was prepared to support the initiative and other similar initiatives that would enhance the continuous growth of MSMEs in Nigeria.
Present at the inauguration were artisans, traders and Oyo State Government functionaries led by Governor Abiola Ajimobi.