The government of Ogun State, Nigeria, has announced the disbursement of a N1 billion grant to support over 1,000 small and medium enterprises (SMEs) in the state and help mitigate the economic effects of the COVID-19 pandemic.
This latest disbursement is the second phase of grant funding targeted at SMEs under the Ogun State COVID-19 Action Recovery and Economic Stimulus (CARES) Programme. The first phase, a N120 million grant to over 1,000 SMEs, was disbursed in July 2022.
According to Dapo Okubadejo, Chief Economic Adviser to the Governor and Chairman of the State CARES Steering Committee, the grant aims to uplift vulnerable businesses and enhance economic growth in the state. He said the funds would reach entrepreneurs in various sectors like trade, agriculture, artisans, etc. across Ogun’s three senatorial districts.
To access the grant, applicants are required to have run a business in Ogun State for a minimum of three years, belong to a notable industry association, pay regular taxes, and provide identification. Those facing physical and economic struggles would be prioritised.
Okubadejo noted that Ogun’s ongoing infrastructural projects have attracted investors, and SMEs play a key role in spurring economic development through job creation. Government representatives and trade associations acknowledged that previous beneficiaries found the grants very helpful.
The Special Adviser on Investment Promotion commended the approval for Phase 2 disbursements by Governor Dapo Abiodun. SME owners can apply for the Ogun CARES grant through a designated web portal.