OGSG wants MSMEs to maximise N200bn presidential intervention fund

Ogun State government has urged Micro, Small and Medium Enterprises (MSMEs) to take advantage of the N200 billion Presidential Intervention Fund to boost their businesses.

Adebola Sofela, the Commissioner for Industry, Trade and Investment, made the appeal in Abeokuta, while delivering his keynote address at the Town Hall and Sensitisation Programme for MSMEs and manufacturing enterprises on the Fund, which comprises N50 billion Nano grant, N75 billion Loan scheme for big businesses and N75 billion Loan scheme for MSMEs.

Sofela, who was represented by Oluyemisi Somorin-Dawodu, Special Adviser to the Governor on Trade, explained that the Fund was designed to help enterprises to scale up businesses and strengthen the operational capacity of entrepreneurs, to enable them contribute effectively to the local and national economic development.

“Many entrepreneurs in the state have benefitted from the Nano grant and other loan schemes of the Fund at favourable terms for businesses, which are yielding results. The scheme is ongoing, and we are here today so that more entrepreneurs can be sensitised and their questions answered. We believe that more entrepreneurs will be able to benefit from this programme”, Sofela said.

He noted that the intervention aligns with the economic transformation of Dapo Abiodun-led administration, stating that different programmes had been facilitated to engender business growth, skill development, access to finance, and many more, with provision of infrastructure and implementation of business-friendly policies.

Earlier, Micheal Agidani, State Manager, Bank of Industry (BOI) stated that the N75 billion Loan scheme for MSMEs was available for existing small businesses and start-ups that had registered with the Corporate Affairs Commission (CAC), adding that each business could borrow up to N1 million with 9% interest rate within fourth and sixth month, and repayable within three years, while enjoying a moratorium of three months.

In their responses, a laundry business owner, Daniel Olukoga and a member of the Association of Skilled and Vocational Artisans of Nigeria (ASVAN), Roshid Sodamola, said the programme had proved to be beneficial to different entrepreneurs across the State.