"Jumpstarting industrial development by creating technology and industrial parks for small and medium scale enterprises; establishing micro-credit facilities for promising entrepreneurs; special focus on developing agro-allied and solid minerals sectors."

Stimulating Industrial Development in 100 Days

The Dr. Kayode Fayemi-led administration set out to stimulate industrial development in the state by swiftly addressing key issues facing some of the state's key assets. Before the advent of the present administration, the dairy farm was bedeviled with crisis associated with no specific policy direction on its future.

The State Government had on continuous basis devoted funds for the maintenance of the farm with no commensurate returns on investment. All efforts made to secure the interest of a competent investor to manage the farm on public-private partnership also did not yield any fruitful result. However, this administration has within the period it assumed office, given definite directive to reposition the farm for optimum efficiency. In the process discussions have been held with investors with a view to put in place the necessary arrangement for the full and effective privatization of the company. The expressions of interest have been submitted and are currently undergoing consideration.

The State Government has also put in place appropriate measures to establish Technology Incubation Centers and Industrial Parks in the 3 Senatorial Districts of the State. These facilities are to lessen the burden of putting up infrastructures by small and medium scale enterprises and reduce to the barest minimum the cost of setting up new businesses in the State. The State Government has also approved the strengthening of the Industrial Intervention Fund managed by the Bank of Industry to improve the accessibility to low-interest rate loans by small and medium enterprises for the rapid industrial development of the State.