Oyo state government has declared that only registered traders and artisans duly captured in its ongoing registration exercise would be eligible for government grants, loans, insurance scheme, and other benefits.
This declaration comes as part of the ongoing data capturing initiative aimed at formalizing and migrating market operators in the informal to the formal sector.
Oyo State Commissioner for Trade, Investment, Industry and Cooperative, Otunba Ademola Ojo otherwise called ‘Ijaya’ stated this on Wednesday, June 5 at the 2024 Progressive Traders and Artisans Association of Nigeria, PROTAAN Week and exhibition held in Ibadan, the state capital.
The Commissioner, who represented Governor Seyi Makinde at the event emphasized in his address, the importance of formalizing the informal sector to ensure accountability, transparency, and better access to government support.
“By requiring registration, we can streamline our efforts to provide assistance to those who truly need it while ensuring that resources are utilized effectively.”
“The move is expected to have a profound impact on small-scale traders and artisans under the Micro Small and Medium Enterprises (MSMEs) who have historically faced challenges in accessing financial assistance and insurance coverage.
“By formalizing their businesses, traders and artisans will not only gain access to government benefits but also have the opportunity to build creditworthiness and expand their business operations.” The Commissioner stated.
While fielding questions from journalists shortly after his address regarding the fate of unregistered traders and artisans, the Commissioner assured that efforts would be made to address these challenges and assured that no eligible person duly registered with the state government would be left behind.
“The data capturing process is ongoing across the state, with registration centers set up to facilitate the enrollment of traders and artisans across the 33 local government including the Ministry of Trade.
We’re using this opportunity to call on all unregistered traders and artisans that may still be reluctant to act fast and take advantage of this opportunity to formalize their businesses and access the support they need to thrive in the current economic climate because there’s no going back.”
Earlier in his welcome address, President of the Association, Mogail Salahudeen Qumarudeen Adeniyi highlighted some of the activities that characterized the Association’s week to include interfaith special prayer, Health walk, Health talk, among others.
While equally expressed special appreciation to the commissioner for trade over his proactiveness and pragmatic approach to addressing trade and commerce related issues in the state, Mogail Salahudeen also called for more symbiotic relationship between the Association and the state government through the Ministry.
While highlighting efforts being made by the association to productively engage youths in trade and commerce in the absence of white collar jobs, the body solicited more support from government by way of access to economic stimulus package that would help their business continue to thrive while bolstering the socio-economic landscape of the state.
Some of the dignitaries present at the event are the immediate past and new executive chairman of Oluyole local government, Hon. Olaide Settle and Engr. Akeem Olatunji and his vice, Hon. Niyi Akorede as well as the chairman, local government pension board, Ademola Ige, Iba Oluyole and member of Olubadan in-council, Chief Nureni Adekanbi.
Others present are members of the Oyo State House of Assembly, Hon. Waheed Akintayo and Hon. D Al-Amin as well as other dignitaries and leadership of market leaders council in the state.
