The government of Oyo state has disclosed that the ongoing data collection of traders and artisans in the informal sector has started yielding the desired results.
The state Commissioner for Trade, Investment, and Cooperatives, Otunba Ademola Ojo stated this today in his office at the Agodi Government Secretariat, Ibadan.
The Commissioner, who described the development as promising, disclosed that over 30,000 individuals are now poised to benefit from the federal government grant aimed at bolstering Small and Micro Enterprises (SMEs) as well as livelihoods of beneficiaries.
The Commissioner stated that, of the over 30,000 already captured traders and artisans, no fewer than 10,000 individuals have received the sum of ₦50,000 each from the federal government’s grant disbursements to support their businesses and sources of livelihood.
According to the Commissioner, already registered traders and artisans have been segmented into various clusters based on their locations across the 33 local government areas of the state.
The data collection of artisans and traders in the informal sector aimed at integration into the formal sector which is being spearheaded by the Otunba Ojo led Ministry of Trade and Investment with the aims of identifying and supporting SMEs across various industries.
The Commissioner added that plans are already being concluded to issue state government Identification Card to all duly registered traders and artisans in order to be able identify real subscribers from criminal elements aiming to exploit the exercise while stressing the impact of the ongoing data collection to include aiding of government planning.
“By collecting comprehensive data on these traders and artisans, the state government aims to better understand their needs and challenges, and ultimately tailor assistance programs to address them effectively.” The Commissioner said.
Otunba Ojo explained further that representatives of the Bank of Industry (BOI) have already visited the ministry to verify registered traders and artisans ahead of next funds disbursements while noting that opportunities are not limited to the ongoing federal government grant as other government and financial institutions are already lining up insurance package and loans for duly registered persons and SMEs.
Furthermore, the Commissioner disclosed that the ongoing data collection process has been thorough and meticulous, with teams deployed across the different parts of the state to engage directly with artisans and traders in their communities.
In his words: “This grassroots approach has enabled us to gather valuable insights into the diverse needs and aspirations of this vital segment of the economy which have already been segmented into various clusters and this will in no small measure aid our drive as a government to migrate these SMEs from the informal to formal sector of the state economy.”
Otunba Ojo emphasized the Governor Seyi Makinde led government’s commitment to empowering artisans and traders, recognizing their significant contributions to state’s economy. He highlighted the importance of targeted support measures in driving inclusive growth and promoting entrepreneurship at the grassroots level.
“The next phase of grant, which will be disbursed based on the information gathered during the data collection exercise, is expected to provide much-needed financial assistance to artisans and traders, and enable them to expand their businesses and enhance their production outputs.
“This ongoing data capturing has also been met with high optimism and anticipation among the artisan and trader in the state, many of whom have long struggled to access formal support channels like this. With the prospect of tangible assistance on the board, there is renewed hope for economic resilience and prosperity at the grassroots level amidst the current economic challenges faced by many Nigerians.” The Commissioner explained.
As the data collection process continues and preparations for the grant distribution advance, stakeholders are urged to remain vigilant and to ensure that adequate information about their businesses are provided to avoid hiccups during funds disbursements.
Some of the registered traders and artisans who have already received their ₦50,000 grant directly paid into their bank accounts praised Governor Seyi Makinde for the opportunity given them to access such official support channels and platforms without being subjected to the tough requirements which usually deny them of such privileges while calling on others who are yet to register themselves to do so without further hesitation.
