As part of plans to hasten the economic recovery of businesses in Oyo state, the state Governor, Seyi Makinde, has inaugurated a N1billion Micro, Small and Medium Enterprises (MSMEs) Development Scheme.

This intervention scheme is expected to stimulate the local economy of the state, and kick off the post-COVID-19 economic recovery plans.

Makinde presented cheques to some beneficiaries on Friday.

While carrying out the symbolic presentation of cheques to some of the beneficiaries, the governor said that the scheme would not only stimulate the economy of the state, but create more jobs for its teeming youths and make owners of small and micro businesses to be self-reliant.

He encouraged all of the beneficiaries to make judicious use of the loans, by abstaining from ventures and activities that could ruin their businesses, and driving profitable structures and strategies.

According to NAN, the beneficiaries received various sums. For instance, Olarinde Olakunle received N2.5 million, while Ruth Adeniji and Taofeeq Oladimeji received N3 million each.

Olarinde Olakunle, who spoke on behalf of all the beneficiaries, thanked the government for the loan and promised that it would be put to judicious use.

Other state governments have equally rolled out intervention packages for MSMEs in their states, as part of efforts to strengthen the local economy in preparation for the post-COVID-19 economy.