Delta MSMEs agency proposes N1.5bn for 2022 fiscal year

The Delta State Micro, Small and Medium Enterprises Development Agency (DEMSMA) has proposed the sum of N1.519 billion as its estimated budget for 2022 fiscal year.

The of the Agency, Mrs Orezi Esievo, disclosed this on Wednesday in Asaba during the budget defence meeting with the state Ministry of Economic Planning.

Esievo said that the proposed amount was for the agency to effectively carry out its programmes and projects in line with the state government’s policies.

She said the policies included strategic wealth creation, agricultural reforms and accelerated industrialisation of the state.

She reiterated the need for state governments to dedicate an amount of not less than one per cent of their annual budgets for the provision of loan facilities through micro finance banks to small scale entrepreneurs, as stipulated by the Central Bank of Nigeria’s Micro Finance Policy.

Esievo explained that her agency intended to source for additional support from within and outside the country for small and medium enterprises development and agricultural value chain.

She said there was a spillover of N490 million released for COVID-19 Action Recovery and Economic Stimulus Programme (CARES) in 2020, after the outbreak of the pandemic and that the money was lodged with the Bank of Industry.

She said the money would be disbursed to the MSMEs beneficiaries in the state during the official inauguration of “Delta CARES” support programme, slated for Sept. 22.

Responding, the State Commissioner for Economic Planning, Dr Barry Gbe, commended the agency for the programme geared towards improving the well-being of the people of the state.(NAN)

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