Ogun Drives Formalisation of MSMEs

Dike Onwuamaeze

The Ogun State Government is partnering with the federal government to migrated 6,500 Micro, Small Medium Enterprises (MSMEs) to the formal sector of the economy by issuing them with free incorporation certificates of the Corporate Affairs Commission (CAC).

The MSMEs were migrated to the formal sector through the Formalisation Track of the MSMEs Survival Fund.

The Governor of Ogun State, Mr. Dapo Abiodun, commenced the distribution of the certificates to beneficiaries during the symbolic presentation ceremony of the certificates in Abeokuta to herald their distribution in 20 local government areas of the state.

Abiodun said that his administration’s genuine commitment to provide economic support to the MSMEs, especially the vulnerable ones, has made the state government to key into the federal government’s survival fund in order to increase the productivity of the MSMEs.

The governor, who was represented by the Secretary to Ogun State Government, Mr. Tokunbo Talabi, explained that the drive to have the MSMEs migrate to the formal sector would enable them to benefit from grants the state government is providing to artisans. “That is why we have put this together to facilitate your registration and create wealth for MSMEs, especially those who cannot afford it,” he said.

Speaking during the ceremony, the Commissioner for Industry, Trade and Investment, Mrs. Kikelomo Longe, said that the distribution of the free CAC certificates was significant to the agenda of the Abiodun’s administration, adding that “the Formalisation Support Scheme is an initiative geared towards supporting vulnerable MSMEs to register their business name formally, reduce the adverse effects of the COVID-19 pandemic and safeguard jobs”.

The Special Adviser to the Governor on Industry, Trade and Investment, Mr. Remi Ogunmefun said that the formalization of their businesses would enable the beneficiaries to have easier access to low-rate loans by registering with the state government’s MSMEs bank