The Olusegun Mimiko-led administration in Ondo State has stated that it has disbursed the sum of N1.3billion to trade groups in the state under various loan schemes since 2009 the governor assumed office in the state.
The Governor made this revelation in Akure while doling out another N335.4 million to 5,000 persons as loans under the Micro, Small and Medium Scale Enterprises Development Fund Initiative.
This is coming barely a month after the government disbursed N195m to 1,430 beneficiaries under the N2bn development fund scheme.
While disbursing the loans, Mimiko described the event as another giant stride towards delivering dividends of democracy to the greatest number of the people.
He stressed that the scheme was part of his administration’s agenda at alleviating poverty and granting access to legitimate loans towards boosting micro, medium and small scale businesses.
According to him, a sum of N485.2m has been disbursed to about 10,000 beneficiaries under the Special Market-Women Improvement Loan and Empowerment Scheme.
“Under the Special Transformative Artisans Repositioning Scheme, a sum of N424.6m was disbursed to 7,850 beneficiaries while 335 widows of the fallen heroes had benefited from about N22.7m under Widows Resettlement and Empowerment Scheme,” he said.
Mimiko noted that under the Yam Empowerment Scheme, a sum of N77m was disbursed to 1,584 farmers, while 400 women, who had been disengaged from the outlawed illegal traditional birth business had also received N25m loan under the Agbebiye Repositioning Loan and Empowerment Scheme which is geared towards fighting child and maternal mortality and redirecting traditional birth attendants to other productive ventures.
He enjoined the beneficiaries and other relevant stakeholders to use the loans judiciously for the creation of viable micro businesses in their various localities and ensure prompt repayment of the loans.
“It is pleasing to place on record that Ondo State is the only State as of today in Nigeria to design loan schemes of low interest rates targeted at different productive groups with distinct features for each group.” He said.
Chairman of the State Micro Credit Agency, Mrs. Banke Sutton, commended the various artisan groups and market associations for supporting the agency in achieving its objectives in the best interest of the state.
