Oyo Govt empowers trader, artisans with business insurance knowledge

Stanley Ihedigbo

Oyo State Government has taken a significant step towards empowering traders and artisans in the state, training 180 individuals in essential leadership skills.

The initiative aims to support the growth and development of Micro, Small, and Medium Enterprises (MSMEs) in Oyo State.

According to the Commissioner for Information and Orientation, Oyo State, Prince Dotun Oyelade, the training and business insurance launch was held at the Federal Government Secretariat, Ikolaba Road, Agodi, Ibadan, with participants from the 33 Local government areas in attendance.

The initiative is part of the Oyo State Government’s broader efforts to support MSMEs, traders, and artisans, which are critical to the state’s economic growth.

The Commissioner for Investment, Trade, Cooperatives, and Industry, Honourable Adeniyi Adebisi, during the leadership training program and launch of business insurance,e, said the initiative was specifically designed for traders and Artisans in the State.

According to the Commissioner, who was represented by the Assistant Director of Trade, Mr. Olawale Olanrewaju, the training program aims to educate traders and artisans on the importance of insurance policies.

He noted that the state government does not want any business to fail in Oyo State and is committed to providing the necessary support.

The Commissioner emphasized that insurance companies now have a regulatory body that supervises them, ensuring that they pay compensation when accidents or permanent disabilities occur.

He said that “the Oyo State Government has also approved a single-digit interest loan scheme for Traders and Artisans in the 2025 budget.”

This flexible loan program requires minimal collateral, making it easier for businesses to access funding, the government aims to provide financial support to businesses, enabling them to purchase necessary tools and equipment.

Babaloja General of Oyo State, Alhaji Y.K. Abass, commended the initiative, stating that “leadership plays a vital role in business success.”

He emphasized the importance of insurance as a shield against unforeseen circumstances, protecting businesses from unplanned expenses and offering a financial cushion.

He expressed gratitude to Governor Seyi Makinde for initiating the training program, which is expected to have a positive impact on the businesses of traders and artisans in Oyo State.

The Babaloja also appreciated the governor’s efforts in providing good road access, employing more workers, and ensuring timely payment of workers’ salaries.

The training session covered essential topics, including leadership and strategy for business growth, understanding business insurance for future stability, effective risk management, and leadership in crisis.