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Alake blames economic down-turn on collapse of SMEs

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By Daud Olatunji

ABEOKUTA—The Alake and paramount ruler of Egbaland, Oba Adedotun Gbadebo has urged the Federal Government to tackle the dwindling economy through a boost to the Small and Medium Scale Enterprises, SMEs.

*Oba Michael Adedotun Gbadebo
*Oba Michael Adedotun Gbadebo

Oba Gbadebo, who decried the  failure of the nation’s SME sector, argued that virile and viable enterprises would jump-start the economy with  salutary effects.

The monarch stated this yesterday,  in his Ake Palace while heralding the activities for the 30th edition of the annual Lisabi Festival scheduled for Monday 29th February to March 6. The theme of the Festival is, “Creating Wealth Through Small and Medium Enterprises.”

He added that the failure of the SMES sector which had been the largest employer of labour had worsened the rate of unemployment in the country.

The monarch therefore emphasized the need for government and the private sector to focus on the nation’s SME sector.

Earlier, Globacom Business Director, Ayo Ogunranti in his own speech at the occassion commended Oba Gbadebo for his relentless efforts in repositioning Egbaland for cultural and economic advancement.

Ogunranti described SMEs as the engine room for moving the economy forward.

Chairman of the Lisabi Festival Committee, Chief Rasheed Raji noted that the annual celebrations of the event has ensured the unity of the various peoples of Egbaland.

Other events lined up for the programme will include booming of guns at the Olumo rock and football competition on Monday 29th.

A procession to the historic Lisabi forest by Obas, Chiefs, Baales, eminent personalities and others would take place on Saturday, March 5. It would be followed by homage by groups, associations, clubs as well as sons and daughters of Egbaland at the palace square later in the day.

The festival would be rounded-off with a thanksgiving service at the Cathedral of St. Peter, Ake, Abeokuta on Sunday, March 6.


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