Ekiti State House of Assembly, through the Office of the Chairman House Committee on Business, have met with the management of the state’s Microfinance and Enterprise Development Agency (MEDA) to discuss on the activities of the agency towards developing the Micro, Small and Medium Enterprise (MSME) sector.
The meeting also focuses on how all constituencies of the 16 LGAs of the state can benefit from programmes of MEDA.
While addressing members of the EKHA, the Director General MEDA Otunba Kayode Fasae highlighted the achievements of the agency since assuming office.
Otunba Fasae said the Agency, through organised Microfinance banks in Ekiti state, have recovered over Thirty Million and Five Hundred Thousand Naira (N30.5M) from the Micro, Small and Medium Enterprises Development Fund disbursed to businesses in the state adding that the agency have held series of developmental activities to boost the MSME sector, while Microfinance Banks and the State government have been key players in funding various businesses in Agriculture, Trade and other forms of SMEs.
“We are embarking on a training to equip over four thousand five hundred people on SME development while providing loan facilities for them. A very important arm of the training is the Agric for Small and Medium Scale (AGSMEs) Training. This training begins September 2019.
“MEDA will also be disbursing interest-free loans to women in Micro-SMEs as provided by State Government.
“We want to ensure the loans get to the right people who will directly affect the economy of the state through their various businesses. We have plans to properly groom them before empowering them so they spend the loans given to them judiciously. This programme covers virtually all sectors of the economy relevant to our agenda,” he said.
Following the lack of adequate banking presence across the state, the Director General also mentioned that the Agency will be partnering with Wema Bank to profile qualified banking vendors as agents of the bank strategically distributed across the state, particularly remote areas.
“MEDA will also partner with Youths in Commercial Agricultural Development (YCAD) on youth empowerment through the Youth Empowerment Development Programme (YEDP) which is an initiative of the Central Bank of Nigeria (CBN) to access the Anchor Borrower Fund. Youths selected from the AGSMEs training will also access funds from this platform.
“We want to get our Agric Village working across the 16 LGAs but we are starting with three Senatorial Districts as pilot projects,” he said.
Explaining further on other activities that will position business owners, artisans and traders in the state for opportunities, Fasae said that MEDA is currently working on consolidating all data for relevant associations who will access loans that will be duly monitored for refund.
“This will help us organize entrepreneurs for trainings as well as enabling them access funds to grow their businesses,” he said.
Speaker of the House, Hon. Funminiyi Afuye who chaired the meeting, applauded MEDA’s efforts on enterprise development in Ekiti State, adding that the government will continue to support the initiatives of the agency on economic development.
“We are pleased to receive the MEDA team and I must say that we are highly impressed with the extensive report given to the house by the Director General, Otunba Kayode Fasae. I assure you of our continuous support on matters relevant to the house.
Also present at the meeting was Deputy Speaker, Hon. Hakeem Jamiu; the Chairman House Committee on Business, Hon. Gboyega Aribisogan representing Ikole Constituency; Chairman House Committee on Media and Publicity, Hon. Yemisi Ayokunle (SouthWest Constituency); Chairman House Committee on Investment, Trade and Industry, Hon. Yemi Osatuyi representing Oye Constituency; Chairman Inter-Parliamentary Relations Committee, Hon. Bode-Adeoye Oyekola representing Ekiti West II; Chairman House Committee on Arts, Culture and Tourism, Hhon. Ajibade Raphael Adeyemi representing Moba Constituency I; Chairman House Committee on Information and Values Orientation, Hon. Oluwaseun Reuben Awoyemi representing Oye Constituency I; Chairman Public Relations Committee, Hon. Adehoke Olajide representing Efon Constituency; Chairman House Committee on Environment, Hon. Tunde Idowu (Ikere Constituency II) among others.
