The United Nations Development Programme (UNDP), in collaboration with the European Union (EU), has announced a significant funding initiative aimed at empowering Micro, Small, and Medium Enterprises (MSMEs) in Bayelsa State.
N200 million in funding will be provided to 420 MSMEs as part of this initiative, which seeks to bolster businesses and address socioeconomic challenges in the state.
During a ceremony held at the Government House in Yenagoa, Governor Douye Diri presented a symbolic cheque to Joyce Oboro, leader of the UNDP delegation, demonstrating the state government’s support for the initiative.
Governor Diri highlighted the administration’s existing efforts to support small businesses in Bayelsa, including training initiatives and monthly grants of N200,000 to 420 small business owners across the state’s 105 wards.
He expressed the state’s commitment to its partnership with UNDP, noting a shared vision of prosperity for Bayelsans.
Diri also acknowledged UNDP’s previous support during the 2022 flood crisis, emphasising the organisation’s longstanding friendship with Bayelsa State.
“Our mantra has been shared prosperity, our people have to prosper in all aspects of their lives. So we are grateful to meet development-oriented organisations like yours,” Governor Diri said.
He underscored the importance of capacity building and mentorship in MSME development, reaffirming the government’s commitment to fostering the growth of local businesses for sustainable development.
“While infrastructure is essential, investing in human capital is paramount to manage and maximise its benefits effectively,” he emphasised.
”The partnership between UNDP, the EU, and the Bayelsa State government reflects a collective effort to promote economic empowerment and sustainable development in the region, providing vital support to MSMEs and fostering prosperity for Bayelsans,” he added.