Gov. Abiodun Approves N500m Loan To Boost MSMEs In Ogun - EDU-BIZNEWS


Thursday, November 24, 2022

Gov. Abiodun Approves N500m Loan To Boost MSMEs In Ogun

Governor Dapo Abiodun has approved a revolving loan facility of N500m, to cater for the development of Micro Small and Medium Scale Enterprises (MSMEs) in Ogun State.

Governor Abiodun made this known during the celebration of 2022 International Community Day and World Trade Day, at the MKO International Stadium, Abeokuta, saying the loan facility scheme will be launched before the end of the year, to help people of the State put their businesses in good shape.

Abiodun noted that prospective beneficiaries must adhere strictly to the terms and agreement of the loan so that other people could benefit, saying "for our trade and artisan groups, I have directed that a revolving loan facility of N500,000,000 be instituted to cater for the much needed Micro Small and Medium Scale Enterprises financial support”.

He also revealed that his administration had approved an increase in Grant-in-Aid to Community Development Association (CDA) from N500,000 to N5million, adding that N5million would be given out as a ceiling for any project considered outstanding and grant-aided as government’s contribution to support the efforts of communities.

Also speaking,the State Commissioner for Community Development and Cooperatives, Hon. Abayomi Hunye said the grant-in-aid would be given to worthy self-help projects executed by Community Development Associations across the State, while subventions and administrative grants would also be given to 411 Area Community Development Councils (CDCs), 20 Zonal CDCs, three Senatorial CDCs, State Council Caretaker Committees, as well as subventions to Trade Councils.

Hunye acknowledged Governor Abiodun for the release of N159,000,000.00 as Grant-in-Aid, with the Subvention of N7,500,000.00 for the celebration of the Trade Associations’ Day, assuring that the present administration would continue to empower Community Development through disbursement of grants, provision of human and material resources and development of public infrastructure.

In his remark, the State Chairman, Caretaker Committee of Community Development Council, Akogun Lucien Taiwo commended the Governor for his effort at repositioning CDAs, pledging their continued support to the government.

Highlights of the celebration include, the decorations of Governor Abiodun as the grand patron of the Community Development Council and the Speaker, Ogun State House of Assembly, Rt. Hon. Olakunle Oluomo as patron, as well as presentation of cheques to some CDAs.


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