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Osun Disburses N3.6bn Financial Support For 24, 850 Traders

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About 24,850 traders and small scales enterprise and business owners have benefitted from the N3.6bn fund provided by the Osun state government.

A report made available to newsmen in Osogbo by the Commissioner for Commerce, Industries, Cooperatives and Empowerment, Mr. Ismaila Jayeoba-Alagbada stated that Governor Rauf Aregbesola’s administration with the support of the Central Bank of Nigeria had provided the sum of N2.1bn as take off capital for the Osun Micro Credit Agency for disbursement to eligible beneficiaries.

According to him, the N2.1bn initial capital matured to N3,660,335,000 adding that 11,391 beneficiaries from commerce were given N1,677,481,000 credit, 9,100 beneficiaries from agriculture sector were given N1,339,682,000, while 2,552 Manufacturers were provided N375,711,000.

The report disclosed further that 1,379 artisans were given N204,538,000, 233 people from education sector got a sum of N34,388,000, while 195 people from health sector obtained N28,535,000.

The number of beneficiaries and the amount were recorded between 2014 and 2017, according to the report.

Giving the breakdown of the disbursed fund, Jayeoba-Alagbada said a total of N662,000,000, N1,496,000,000, N681,000,000 and N821,335,000,000 were disbursed in 2014, 2015, 2016 and 2017 respectively.

He said 90 per cent of the beneficiaries have been repaying the credit to the Osun Micro Credit Agency.

Jayeoba-Alagbada explained that as a result of direct re-ploughing of the initial capital provided by the state government which was N100,000 and recycling of the N2bn CBN fund, coupled with interest income and charges, the agency has operated with the total sum of N3,660,335,000.

The commissioner maintained that the provision of the credit facilities has created wealth for individuals and enhanced the performance of farmers, self help groups, cooperative societies, small scale businesses, cottage industries, hotels, hair dressers, artisans and others.

He stated that the success recorded in the repayment of the credit taken by the beneficiaries is an indication the economy of the state has improved, explaining that if the beneficiaries were not making enough profits, they would not be able to make repayment.



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