Bayelsa State Government has reaffirmed its confidence in the private sector as a vehicle to drive the economy of the State away from the monthly federal allocations.
Governor Seriake Dickson made the position known at the Inauguration of the state council for Small and Medium Enterprises (SMEs) in Yenagoa, the state capital.
Dickson, according to a statement by his Chief Press Secretary, Mr. Daniel Iworiso-Markson, affirmed his administration’s appreciation for the role of SMEs and its positive impact on the lives of the people.
Represented at the occasion by the Chief of Staff, Government House, Yenagoa, Dame (Mrs) Didi Walson-Jack, the Governor said it was the realization of the importance SMEs that informed Government’s decision to incorporate it into the Restoration Agenda.
Dickson commended the Hon. Minister of Industry, Trade and Investment, Dr. Olusegun Aganga for his interest in the State and his presence at the event and the initiative of the Federal Ministry of Industry, Trade and Investment on the private sector.
According to him, the various entrepreneurial activities going on in the State were indications that the State government did not misplace its priorities.
The governor said he was aware of the challenges posed by inadequate funding, but said practical steps have been taken to ensure that SMEs do not suffer as a result.
“In addition to this, we are also leveraging on opportunities in the micro- finance derivatives, especially with the commitment of the Bayelsa State Micro-Finance Agency to establish a micro-finance bank for the purpose of giving out loans and credit facilities to our SMEs in the State”, said the governor.
He explained that a 24-member committee drawn from all the Local Government Areas of the state have been set up for efficient regulatory and supervisory mechanism to manage the derivatives from the partnership and will be charged with the responsibility of formulating relevant policies and effective supervision of the disbursement and utilization of the funds to beneficiaries.
He added that the state government went further to engage the people in the acquisition of business management skills to promote the growth of local businesses and their sustainability in the State, adding that the administration set aside the sum of N480 million for the purpose in the 2013 budget.
Hon. Dickson assured that Government was focused on the stimulation of the economy using SMEs as a veritable tool to achieve the purpose while, the Bayelsa State Development and Investment Corporation (BDIC) is a vehicle aimed at making the economy principally private sector driven.
Speaking also, the minister who inaugurated the State council on SMEs and the formal flag-off of the National Enterprise Development Programme (NEDEP) in the State, commended the developmental strides of Governor Seriake Dickson as well as the policy thrust of his administration.
Dr. Aganga, who described Bayelsa as “a small State in size but big in spirit” noted that it is endowed with so many natural resources apart from being the highest producers of oil and gas, adding that, the State is capable of becoming the ‘Dubai’ of Africa a major economic power.
He said the Transformation Agenda of President Goodluck Jonathan through the Federal Ministry of Industry, Trade and Investment initiated SMEs and the launch of NEDEP to integrate and coordinate the development of SMEs, through the establishment of State SME Councils all over the country.
Expressing the impact of the private sectors towards nation building, the minister said the NEDEP initiative is aimed at generating millions of jobs nationwide within two years.