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Trust fund to boost Bayelsa SMEs

10 March 2014, 12:40

Bayelsa - Bayelsa State Government, in collaboration with Organized Private Sector (OPS), has mapped out economic plans aimed at encouraging the growth of small and medium scale entrepreneurs.

This would be done through the raising of an N10bn Trust Fund.

Presenting the economic blueprint of his administration ahead of the 20th International Conference on Small and Medium Enterprises scheduled to hold in Yenagoa, Governor Seriake Dickson said the economic plans became imperative due to the recent economic downturn in the country.

According to the Governor, the state government would source for 40 percent of the fund while the Organized Private Sector would provide the remaining 60 percent.

He stressed the need for the promotion of the Small and Medium Enterprises (SMEs).

“The recent economic depression is an eye opener, adding that some States of the federation are presently finding it difficult to meet their financial obligations,” Dickson.

He added that his administration has foreseen this situation that is why it always harped on diversification of the economy from the oil and gas sector.

“I have encouraged the land and property owners in the State to apply for Certificate of Occupancy. This will enable them to access this fund, which will be managed by the financial institutions. We are not here to raise fund. I am not known for that, rather we are here as Government to partner with the members of the Organized Private Sector on how to raise this amount. We have our own role to play as Government. Out of this amount, we will contribute 40 percent while the OPS will source for 60 percent even more,” Dickson added.

– CAJ News

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