Osun State government has commenced the disbursement of N636,195,000 as soft loans to over 2,000 citizens resident in the state.
The initiative in collaboration with the Central Bank of Nigeria-supported Micro, Small and Medium Enterprises Development, is aimed at expanding the scope of businesses, trades and investments and also to address the scourge of unemployment.
The soft loans is been disbursed through Osun Micro Credit Agency.
Speaking at the flag-off ceremony held at Nelson Mandela Freedom Park, Osogbo, Governor Adegboyega Oyetola said the initiative stemmed from the administration’s development agenda focused on revitalising the economy for improved performance.
He noted that by their enormous productivity and capacity for value and job creation, Micro, Small, and Medium Enterprises (MSMEs) constitute a critical part of the government’s diversification agenda.
The Governor announced that over N6.5 billion of the Central Bank of Nigeria (CBN) and Osun intervention funds had been disbursed to 31,888 beneficiaries in different categories.
Acting General Manager, Osun Micro Credit Agency, Mr Sanya Olopade charged beneficiaries of judicious use of the loans and also appealed to them to refund the loans within the stipulated time to enable others to benefit from same.
Reporting by Akinola Adenitan; editing by Muzha Kucha