The Bayelsa Government recently said that it created over 7,000 direct and indirect jobs through the release of N1.88 billion loan to Small and Medium-scale to entrepreneurs and cooperatives.
Governor Seriake Dickson stated this at a recent event.
Represented by his Deputy, Rear Admiral John Jonah (rtd), the governor said that his administration achieved that in partnership with the Bank of Industry and other relevant agencies.
He explained that in 2015, the government opened 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, with support provided by CBN and other funding partners, has supported women groups and cooperatives in the state to venture on their own.”
“We need to deliberate in strengthening the existing institutions as in the Bayelsa example, where there is a law that one per cent 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.