Ekiti State Government has started distributing over N400 million to 922 Micro and Small Enterprises (MSEs) across the 16 Local Government Areas of the state.
Mrs. Tayo Adeola, the state commissioner for Industry, Trade, and Investment, who announced this in Ado Ekiti, said the move aims to ease financial difficulties caused by the COVID-19 pandemic.
Adeola said the disbursement falls under the Ekiti State COVID -19 Action Recovery and Economic Stimulus (EK-CARES) program, approved by Governor Biodun Oyebanji to boost the economy.
She noted that the second phase of disbursement will assist 170 businesses with credit grants, 652 with operation grants, and 100 with Information Technology enhancement grants.
The commissioner highlighted he importance of supporting MSEs for economic growth and poverty alleviation.
Adeola stressed that these grants will help businesses expand, create jobs, and contribute to the state’s overall development.
She urged beneficiaries to utilize the funds appropriately, emphasizing Governor Oyebanji’s commitment to promoting a favorable business environment and aiding local enterprises.
This initiative is part of the Governor’s efforts to improve living standards and combat poverty in Ekiti State.