Business
Osun Restates Commitment To SMEs Dev
The Osun State Government, has reiterated its commitment to the creation of an enabling environment for the development of Small and Medium Entrepreneurs (SMEs) in the state.
The state Deputy Governor, Mrs Grace Titilayo Laoye-Tomori, made this pledge at a business submit organised by the Bank of Industry (BOI) in Osogbo, on Tuesday.
Tomori, who said that SMEs played key roles in the development of nations, stressed the need for the government to put in place a legal framework to protect small enterprises.
She also called for mutual understanding and synergy among stakeholders with a view to addressing the challenges of fixing SMEs in the state.
Laoye-Tomori said that the Osun Government had come up with a six-point integral plan to play vital roles in the socio-economic development of the state in order to make life meaningful for the people.
Tomori, who lauded the SMEs, promised that the state government would allow them to showcase their potential through the introduction of annual trade fairs.
The deputy governor, also urged the SMEs to invest in agriculture to increase food and livestock production, as she urged investors to come to invest in Osun, assuring them of a secure environment.
Also, the Commissioner for Commerce, Investment and Industry, Mr Ismail Alagbada lauded the bank for its support towards accelerating the state’s industrial growth.
Alagbada, who noted that the BOI had strengthened several SMEs since its establishment, said the Osun Government, through its micro agency, had disbursed N3.5 million to cooperative societies, individuals and SMEs.
According to him, the government will not relent in its efforts to facilitate easy access to funds by SMEs.
The General Manager of BOI, Mr Olukayode Pitan, said through partnership, the industry had a matching fund to be disbursed to industrialists through the state.
Pitan said that the bank had disbursed N3.5 billion to industrialists in the state and would still do more for the growth of SMEs.
He said that the challenges being faced in accessing funds by the SMEs would be looked into in order to minimise such problems.
Pitan said that the bank would identify micro-finance banks closer to the SMEs and assist them in order to service small-scale businesses.
He, however, said that the bank was open for business and would continue to support the SMEs in the state.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.