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Government & Politics

Ondo Decides: Our Administration will Support the Growth and Development of SMEs and Vulnerable Groups -Adeyemi Alao

Hon. Adeyemi Alao
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The Ondo State APGA Candidate, Hon. Adeyemi Alao has rolled out plans  to run a government that will support the growth and development of small and medium scale enterprise (SMEs) and the vulnerable groups.

The production of goods and services in the most efficient manner has continued to be the only viable and reliable option for development, growth and survival of any economy. SMEs have been fully recognized by government and development experts as the main engine of economic growth and a major factor by extension in promoting the realization of the financial systems strategy 2020. This is because the development of this sub-sector is an essential element in the growth strategy, not only in contributing to improved standard of living; they also bring substantial local capital formation and achieve high level of productivity and capacity.

The vital role of small and medium scale enterprise (SMEs) as the only authentic foundation for accelerated industrialization, growth and development, as witnessed in all the Newly Industrialized states in Nigeria, is recognized for its accelerative effect in achieving macro-economic objectives such as full employment, income distribution, development of local technology and stimulation of indigenous entrepreneurship, mitigation of rural-urban migration, support and linkage of the entire industrial sector by training of semi-skilled and non-skilled manpower as well as the manufacturing and supply of spare parts and raw materials to large scale industries.

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SMEs

Our administration will support the growth and development of SMEs and vulnerable groups by implementing the following action plans:
1. Ensure that SMEs easily access capital from banks without stringent conditions, so that they can develop faster.
2. Creation of an SME Development Fund accessible to all entrepreneurs, which will be disbursed through identified micro-finance banks.
3. Creation of a state Micro-finance Agency/ Economic Empowerment Agency to process short and medium term loans to SMEs and equip SMEs and vulnerable groups with relevant financial and marketing skills.
4. Promoting entrepreneurial skills for SMEs and vulnerable groups by organising periodic training on economic empowerment.
5. Collaborating with relevant non-governmental organisations and the private sector to provide support and mentoring for micro businesses and vulnerable groups.
6. Promoting and encouraging a culture that will ensure the use of locally sourced products and materials in the state.
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