Ogun Boosts MSMEs With N900M Loan Facility

Micro, Small and Medium Enterprises (MSMEs) operating in Ogun State have been given a major boost with provision of  N900M lending facility to assist them to grow

The State Commissioner for Industry, Trade and Investment, Mrs. Kikelomo Longe  revealed  this during a quarterly stakeholders' engagement meeting held virtually

She explained that the loan was made possible through the State Government in partnership with the National Association of Microfinance Banks (NAMB) and could be accessed at Microfinance Banks across the State.

The Commissioner stated that the loan facility was one of the steps taken by the present administration to build on the achievements of the MSMEs Business Clinic, which was held recently in addition to the funding opportunities such as the N1bn Ogun State Government -Bank of Industry (OGSG-BOI) loan and the Ogun State Agricultural and Multipurpose Credit Agency (OSAMCA) credit facility, which were available to entrepreneurs in the State.

"I am happy to inform you that the National Association of Microfinance Banks (NAMB) has made the sum of N900 million available in the form of a special lending product to entrepreneurs operating in Ogun State", the Commissioner disclosed.

Longe noted that the Ministry through its partnership with financial institutions had commenced MSMEs Business Clinics' follow-up programme tagged "Access to funding" to proffer solutions to the financial limitations facing entrepreneurs, saying the Governor, Prince Dapo Abiodun has directed the immediate creation of a Desk Office to herald the full take-off of the State Enterprise Development Agency.

She said the State was deploying various strategies towards building the capacity of entrepreneurs, fostering linkages between industries and entrepreneurs, enhancing the export capacity of entrepreneurs and facilitating export for improved foreign exchange earnings, adding that the government is constructing shared facilities for start-ups, domesticating the National Policy on MSMEs through the reenactment of the State Council and developing a Special Agro-processing Zone (SAPZ) in collaboration with the African Development Bank (AfDB).

Delivering a welcome address, Special Adviser to the Governor on Industry, Trade, and Investment, Chief Remi Ogunmefun assured that the government would continue to engage entrepreneurs in fostering lasting solutions to the challenges of the MSMEs sub-sector, adding that the present administration was focused on helping to build sustainable enterprises.

In his contribution, an entrepreneur, Chief Bayo Ikujenyo called on the government to expedite action on the development of Industrial Parks, which would enable businesses to share facilities and aid their growth.