Financial Institutions Must Support Small Scale Businesses – Ondo Dep Gov



 The Deputy Governor of Ondo State , Mr. Lucky Aiyedatiwa, has said that for there to be an economically stable economy financial institutions must support entrepreneurs and small-scale businesses. This he said will make for sustainable growth the society that places premium on the wellbeing of members of that society.  He stated this during the launch of a book of reading Titled: Financial System, Entrepreneurship and Institutional Support for Inclusive and Sustainable growth Africa, honor of Professor Tomola Obamuyi the first substantive Dean of the School of Management Technology SMAT, of the Federal University of Technology Akure on the 10th of March 2021 at the T I Francis Auditorium FUTA. He said the catalyst for the growth any economy is the existence of small medium enterprises (SMEs) and they need the backing of the financial systems and institutions to be able to thrive adding that Africa that will only be through the involvement and ardent support of these financial institutions.

The Deputy Governor said entrepreneurs are investors who come together to create or extract value so that they can render services or make products to meet the needs of people thereby making profits as well. Therefore, they are an integral part of the economy and so must have adequate financial backing. He said the willingness to start businesses in Africa is a risk in itself and thereby called on the to create an enabling environment with friendly policies that will encourage small businesses adding that no society is static and as it evolves new issues and demands begin to spring up hence the need for an inclusive financial system. Ayedatiwa explained that the society comprises aspects such as the political, , social, technological, legal and the environmental and the working together of these various aspects is the platform upon which any enterprise can be run profitably as all of these aspects are connected. He said all these institutions must work together in any nation so that there can be growth that can last. He was optimistic that the book will not just add value to the academic alone but also bring a new perspective to the efficient running of financial systems and increase our knowledge base.

 In his remarks the Vice Chancellor, Professor Joseph Fuwape expressed delight at the accomplishments of the School of Management Technology SMAT. He said “I am particularly delighted, as an academic to be part of this remarkable stride of the SMAT despite the fact that it is youngest of the schools in the university and equally having young academics. The accomplishment of today is proof that SMAT is young and dynamic. He said “the School of Management Technology is designed to connect the scientific findings in the various schools with the market- for implementation or sale. The school interfaces between the scientists and the business world. The motto of FUTA is Technology for Self-reliance, so the graduates of the university are expected to transform the nation through production of entrepreneurial graduates. The School of Management is in the vanguard of actualizing that vision”

The Vice Chancellor said it was therefore heartwarming to have an academic effort translated into a compendium of contemporary research on synergy of Financial System, Entrepreneurship and Institutional Support. Professor Fuwape commended the leadership role played by Professor Obamuyi in advancing the academic and infrastructural contents of the School during his - tenure as the Dean. He said “it is therefore fitting that a day like this is set apart to give honor to whom honor is due” He added that the honor been done to him is not alone for him to savour but in the best interest of the system so that those with bright and beautiful ideas that could be of benefit to the system would be encouraged to ventilate them and persevere in actualizing their dreams. The Vice Chancellor said that it is the expectation of management of the university that the book will add much value in advancing knowledge in the fields of Finance and Entrepreneurship and that the torch that has been lighted by Professor Obamuyi will be kept aglow succeeding leadership of the School of Management soon to become School of Logistics and Innovation Technology (SLIT)

On his part the Dean, Professor Akinloye Lawal lauded the accomplishments of Professor Obamuyi describing him as a pacesetter and a man of many parts. He said that the event had components which were the academic component in terms of the Book of readings and its content and the Felicitation of Professor Obamuyi for his noble achievements as the first substantive dean of SMAT. He said he had achieved a remarkable feat in uplifting the school to enviable heights.

In his response Professor Obamuyi said he was elated at the honour done to him. He commended the school for its support saying that all that he achieved was through team work and joint efforts of all members of staff of the school. 

The occasion was graced by dignitaries from all walks of life and staff and students of the university.