About 20,000 eligible small business owners in Ogun State have benefited from the Presidential Conditional Grant Scheme (PCGS) of N50,000 for Micro, Small, and Medium Enterprises (MSMEs), which kicked off in March this year.
The state manager of the scheme in Ogun, Michael Agidani, disclosed this to stakeholders at the town hall meeting and sensitisation programme on Presidential Conditional Grant and Loan Scheme for MSMEs yesterday in Abeokuta, the state capital.
Stakeholders and representatives of different business groups at the meeting appealed to the federal government to expand the loan initiative towards making it more accessible and accommodating more beneficiaries in the state.
The representatives, which included the public relations officer of People With Special Needs (People Living With Disabilities), Abayomi Salako, among others from various business sectors, lamented the financing gaps as a major hindrance to economic progress in the country, hence the need for the federal government’s assistance.
Responding to the plethora of challenges raised by stakeholders at the meeting, Agidani, who is also the state manager of the Bank of Industry (BoI) , said the new federal government N200 billion Presidential Intervention Fund was categorised into three levels of which the sum of N50 billion has been set aside for MSMEs.
He said each beneficiary under the loan scheme was entitled to the sum of N10 million loan to boost his/her business.
While disclosing that the loan is repayable over three years with an incubation grace period of three months, Agidani urged business owners in the state’s 20 local government areas (LGAs) to take advantage of the FG’s financial initiative to expand their businesses.
In his goodwill message, the state Commissioner for Industry, Trade and Investment, Mr Adebola Sofela, emphasised that the loan scheme aligned with the vision of economic transformation, inclusive growth and job creation of the Prince Dapo Abiodun-led administration in the state.
Sofela, however, pledged the state government’s continued support in fostering an environment conducive to business success, economic growth, and empowerment.
Also, the state manager of the Small and Medium Enterprises Development Agency of Nigeria, Abiodun Awoniyi, commended the federal government’s initiative to boost economic growth, reduce poverty, and improve Nigerians’ living standards.
He urged business owners to take advantage of the loan scheme designed to strengthen operational capacity and contribute to the local and national economies.
