500 Agricultural Enterprises, Others Get Over N241M Loan In Ogun - EDU-BIZNEWS


Thursday, June 17, 2021

500 Agricultural Enterprises, Others Get Over N241M Loan In Ogun

Agricultural enterprises and other business outfits numbering 500 have been provided with over N241million loan facilities by the Ogun State Government  through its Agricultural and Multipurpose Credit Agency (OSAMCA) scheme.

Governor Dapo Abiodun while presenting the cheques to beneficiaries during a ceremony on Thursday at the Oba's complex Oke-Mosan, Abeokuta, said the commencement of the credit facility to citizens was in fulfilment of his electoral promises to boost businesses and further improve standard of living.

Abiodun represented by his Deputy, Engr. Noimot Salako-Oyedele, added that  his government would continue to support the agency with adequate funding, to make it regenerate its revolving loan funds for necessary recapitalisation, so as to accommodate more people.

He listed other various equipments in addition to the first bash of cash disbursement by OSAMCA, to include tractors, tricycles, motorcycles, deep freezers, generators, mattresses, among others,

Abiodun added that more applicants could apply for the loan.

"As an administration that aspires to banish poverty and improve the individual prosperity of its citizens, we have set up value-added programmes like the Anchor Borrowers’ programme, Broilers’ project, FADAMA GUYS, Oko'wo Dapo, among other interventions", Abiodun said.

The Governor called for more support, cooperation, understanding and prayers from the people for continued development of the State, assuring that his government would not relent in providing more dividends of democracy.

Speaking earlier, Commissioner for Industry, Trade and Investment, Mrs. Kikelomo Longe, said one of the challenges confronting agricultural development in the country was lack of access to credit facility by farmers and agro-services entrepreneurs.

Longe noted that local farmers needed to be liberated from existing credit systems, which seeks to exploit agro-preneurs by enforcing exorbitant interest rates and unfavourable repayment terms, urging farmers to commit the resources to productive engagements that would improve profitability.

In his welcome address, the Board Chairman, OSAMCA, Mr. Abayomi Hunye, said about N850m had been disbursed to over 22,000 beneficiaries in agricultural and non-agricultural enterprises across the State, including market men and women associations, automobile technician associations, as well as military pensioners, assuring that the exercise would be continuous.

Responding, the Iyaloja-General in the State, Alhaja Anifat Abass, stated that the loan scheme was beneficial and easily accessible, imploring the beneficiaries to ensure prompt refund, so as to encourage government disburse more and enable others to benefit.

Speaking on behalf of other beneficiaries, Mr. Olufemi Onaniyi appreciated government for the gesture, assuring that the loan would be used judiciously and repaid as and when due.

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