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24,850 Persons Benefit From 3.6bn CBN, Osun SME Scheme



About 24, 850 traders and small scales enterprise and business owners have benefitted from the N3.6billion fund provided by Osun State government, through the support of Central Bank of Nigeria (CBN).  This disclosure was made by the Osun State  commissioner for commerce, industries, cooperatives and empowerment, Mr Ismaila Jayeoba-Alagbada, in Osun.

He said  the administration of Governor Rauf Aregbesola through the support of the CBN had provided a sum of N2.1billon as take off capital for the Osun Micro Credit Agency for disbursement to eligible beneficiaries. Jayeoba-Alagbada further disclosed that  the N2.1billon initial capital had grown to N3, 660, 335, 000.

According to him, 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 2552 manufacturers were provided N375, 711, 000. A report from the ministry further states that “1, 379 artisans were given 204, 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.” Giving the breakdown of the disbursed fund, Jayeoba-Alagbada also explained that 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 noted that 90 per cent of the beneficiaries have been repaying the credit to the Osun Micro Credit Agency. According to him,  as a result of direct re-ploughing of the initial capital provided by the state government which was N100, 000 and recycling of the N2billon CBN fund, coupled with interest income and charges, the agency had operated with the total sum of N3, 660, 335,000.



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