Bayelsa government on Thursday said it created over 7,000 direct and indirect jobs within the past five years through the release of N1.88bn SME loans to entrepreneurs and cooperatives.
Deputy Governor of the state Rear Admiral John Jonah (Rtd) , who represented Gov Seriake Dickson stated this at the 2017 African SME EXPO with the theme Promoting SMEs for sustainable development and economic growth,.
The administration, according to Dickson, achieved the feat in partnership with the Bank of Industry and other relevant agencies to enhance the growth of SMEs with direct impact on the economic growth of the state.
Dickson said that In furtherance with the commitment to jobs creation and empowerment of the teeming youths in the state, the state is making efforts to partner with BoI for a N2bn Medium Small and Micro Enterprenuership loan.
He explained that in 2015 the government launched Izon Microfinance Bank to provide small businesses and serious minded entrepreneurs with access to capital.
"This is important for us because funding is crucial if people are to innovate and think outside the box.
"We have achieved so much since the commencement of the Microfinance Bank, especially because the bank, has with support provided by CBN and other funding partners supported women groups and cooperatives in the state to venture on their own," Dickson said.
Describing SMEs as panacea for the growth of the local economy, Dickson stressed the needs for the promotion of the locally made home goods and as well simplifying the registration process of businesses.
"We need to deliberate in strengthening the existing institutions as in the Bayelsa example where is law that one percent of the annual state budget is released to the Bayelsa State Microfinance and Enterprises Development Agency for SME development yearly.
"We must simplify the registration processes for businesses and encourage their migration from the informal to the formal sector through regulation and proper monitoring.
"As leaders and opinion shapers, we need to encourage technology diffusion through value chain processes and establish priority sectors for local investment," the governor said.
Dickson in his presentation recommended tax incentives for priority sectors, describing it as means of boosting local production.
In addition, he advocated for training and incentives for the utilization of local production resources for SMEs that establish operations in certain designated areas.
Dickson said the gains of his administration include 60 tons per day Cassava starch factory at Ebedebiri in Sagbama that is linked with cultivation of 100 Hectares cassava farm is unique in Africa.
"Our Aquaculture village at Yenegwe in Yenagoa with fish processing complex capacity of 7.5 tons per batch, 20 tons per day feedmill, 500 non earthen ponds capable of accommodating 700 fishes, Hatchery with 6 million fingerlings per animals.
"Our plans in collaboration with the Federal Government over the the Peremabiri Rice farms/mills in Southern Ijaw which is also one of the largest in Africa with huge capacity has kick started.
"With that in mind, the construction of a 3.5 Kilometer run away Cargo Airport is underway in Bayelsa," Dickson said.
In his contribution Dr. Ebiekure Eradiri, Director General, Bayelsa State Microfinance and Enterprise Development Agency, applauded Dickson's vision and support for the MSMES sub sector.
Eradiri stated that since Dickson took over mantle of leadership in the state in 2012, he has been of tremendous support to the scheme.
He stated that the Africa SME Expo event has increased the perspective and the Agency is willing to pursue rigorously in line with its mandate to achieve its cardinal keys on fund recovery, job creation and wealth creation for Bayelsa.
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