Oyo govt trains traders, artisans on business insurance

From Taiwo Oluwadare, Ibadan

The Oyo State Government, on Monday, trained 180 traders and artisans, equipping them with essential leadership skills as part of efforts to support the growth and development of Micro, Small, and Medium Enterprises (MSMEs) in the state.

The training and business insurance launch took place at the Federal Government Secretariat, Ikolaba Road, Agodi, Ibadan, with participants drawn from the 33 local government areas of the state.

This initiative aligns with the Oyo State Government’s broader strategy to support MSMEs, traders, and artisans—key drivers of the state’s economic growth.

Speaking at the event, the Commissioner for Investment, Trade, Cooperatives, and Industry, Honourable Adeniyi Adebisi, highlighted the significance of the program, noting that it was specifically designed to benefit traders and artisans. Represented by the Assistant Director of Trade, Mr. Olawale Olanrewaju, the Commissioner stated that the training aimed to educate participants on the importance of insurance policies in business.

He emphasized the government’s commitment to ensuring business sustainability in Oyo State, adding that insurance companies are now regulated to guarantee compensation in cases of accidents or permanent disabilities.

Furthermore, the Commissioner announced that the Oyo State Government has approved a single-digit interest loan scheme for traders and artisans in the 2025 budget. This flexible loan program, which requires minimal collateral, aims to provide financial support for businesses, enabling them to acquire necessary tools and equipment.

Commending the initiative, the Babaloja General of Oyo State, Alhaji Y.K. Abass, underscored the importance of leadership in business success. He stressed that insurance serves as a safeguard against unforeseen circumstances, protecting businesses from unplanned expenses and ensuring financial stability. He also expressed gratitude to Governor Seyi Makinde for launching the training program, which is expected to positively impact traders and artisans across the state.

Additionally, the Babaloja appreciated the governor’s efforts in improving road infrastructure, increasing employment opportunities, and ensuring timely payment of workers’ salaries.

The training session covered key topics, including leadership and strategic business growth, business insurance for financial stability, effective risk management, and crisis leadership.