Governor Adegboyega Oyetola of Osun State on Wednesday, flagged off a continuous disbursement of soft loans to Micro, Small and Medium Enterprises (MSMEs) in the state.
Oyetola, at the Freedom Park, in Osogbo, where the first tranche was launched for 2,000 beneficiaries, described Micro, Small and Medium enterprises as the heartbeat of every economy.
According to the governor, MSMEs in the state constitutes a critical part of his diversification agenda and were being financially supported due to their capacity for value and job creation.
Approved by the CBN
Oyetola explained that the state government facilitated the release of Six Hundred and Thirty-Six Million, One Hundred and Ninety-Five Thousand (N636,195,000.00) to the State through Osun Micro Credit Agency in collaboration with participating financial institutions for disbursement to selected beneficiaries as approved by the Central Bank of Nigeria (CBN).
He said: “This exercise is another effort by our Administration to strengthen our economy through the provision of supports for our Small and Medium Scale Enterprises.
“I wish to note that with this disbursement flag-off, the total number of beneficiaries of the CBN and Osun Government intervention funds is 31, 888 and the total amount disbursed from the fund for Micro, Small and Medium Enterprises Development in the State so far stands at Six Billion and Five Hundred Million Naira (N6.5 billion).”
The governor who noted that the exercise was in conformity with his administration’s drive to motivate locally-based producers of goods and services, also said the exercise was sure to raise the level of productivity of the people and reduce unemployment.
“We are convinced that when there is greater accessibility to funding, requisite infrastructure, an enabling environment devoid of common limitations and a political will to drive the requisite policies, our MSMEs would be empowered to spread their wings and fly.”
“Other than the influx of new businesses and the significant growth of existing ones, there is no greater comfort that affirms the remarkable progress we are recording like the phenomenal rise we have recorded in the Ease of Doing Business Index.
“We are fully committed to working harder with you all in our quest to making our State an enviable business destination,” the governor said.
He enjoined other business owners who did not benefit from the first tranche to get enrolled with the Osun Micro Credit Agency for the next tranche, giving assurance that his administration would ensure that the Osun Micro Credit Agency fulfils its objective of motivating locally based producers of goods and services.
Lateefah Ibrahim
