24, 850 Osun Residents Benefit From Govt’s Empowerment Scheme

No fewer than 24, 850 traders and small scales enterprises and business owners have benefitted from the N3.6bn fund provided by the state government of Osun.

The Governor Rauf Aregbesola’s administration with the support of the Central Bank of Nigeria had provided a sum of N2.1bn as take off capital for the Osun Micro Credit Agency for disbursement to eligible beneficiaries.

In a report made available to our correspondents by the Commissioner for Commerce, Industries, Cooperatives and Empowerment, Mr Ismaila Jayeoba-Alagbada, the N2.1bn initial capital matured to N3, 660, 335, 000.

According to the report, 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.

The report disclosed further 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, according to the report.

Giving the breakdown of the disbursed funds, 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 funds, 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 that 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.

Jayeoba-Alagbada submitted that the credit facility achieved its intended purposes which are to create wealth and employment opportunity for the people of the state.