Medium,Small Scale Enterprises Operators To Get 7% Loan Facilities In Ogun

Ogun State Government says it is working closely with the Bank of Industry, BOI to make revolving loan facilities available to Micro, Small and Medium Enterprises (MSMEs) at a subsidized rate of seven percent interest, to further boost their operations in the state

The State Commissioner for Trade , Investment and Commerce, Mrs.Kikelomon who made this known in  Abeokuta, also  said that the Ogun State Agricultural and Multipurpose Credit Agency (OSAMCA) had been re-energised to give loans facilities to owners of small and medium scale enterprises in the state

Longe was speaking during a meeting with the German Cooperation, Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ), and other relevant stakeholders.

According to her,  the government is partnering with the Nigerian Export Promotion Council (NEPC) to establish Economic Development Clusters and  develop  Agro cargo airport ,all in the bid to better the lot of MSMEs in the State.

She added that the Micro, Small and Medium Enterprises (MSMEs) in the state would enjoy more facilities with respect to accessing credit loan and other logistics, through a research-driven approach that would enhance their operations.

The Commissioner disclosed that the Prince Dapo Abiodun-led administration was synergising with GIZ to develop a more deliberate approach to enable MSMEs grow optimally, adding that the government would validate the results gathered in the course of the research. 

"This gathering is a follow-up to validate the results gathered in the course of the research. I wish to commend and congratulate the organisers towards the success of today's convergence", she said.

Also speaking, the Chairman, OSAMCA, Hon. Abayomi Hunye lauded GIZ for promoting the provision of credit facilities to entrepreneurs in the State, stressing that his Agency had been contributing to the growth of MSMEs through provision of credit facilities to applicants at favourable terms.

Earlier, the Head of Components Policy and Strategy, GIZ-SEDIN, Mr. Akin Omoware said the Cooperation had been creating an enabling environment for entrepreneurial development, noting that the government needs to continue to prioritise MSMEs to enable the country to overcome its present challenges.

Omoware lauded the State for the level of growth of MSMEs, saying that the programme would enable GIZ validate its report, which would in turn bring about a more improved MSMEs sub-sector.