Micro credit disbursement by the Bank of Industry (BOI) under the Federal Government’s Government Enterprise and Empowerment Programme (GEEP) in Ogun State has hit over N450 million.
According to the Development Finance Institution (DFI), over 7,000 beneficiaries across 130 associations have so far accessed the marketmoni loans in the state.
The Governor of Ogun State, Ibikunle Amosun, during BoI’s presentation of loan certificates to beneficiaries under GEEP in Ogun State tagged “Marketmoni alert train don land”, said Micro Small and Medium Enterprises (MSMEs) are major catalysts for economic growth and development of big industries, but stressed that MSMEs in the country have not been able to reach their potential due to lack of access to funds.
“Majority of the industry players in this sub-sector could hardly meet up with the stringent conditions attached to accessing funds from our conventional commercial banks. This is why the federal government has to come up with different interventions such as BOI and other specialized funding institutions,” he said.
He added that GEEP is a welcome development in the state and that it would help to support and accelerate micro business activities and impact positively on the economic activities of the nation’s informal sectors which are the bedrock of an economy.
He said the beauty of the marketmoni programme is that it relieves the burden on the beneficiaries and also enables entrepreneurs to focus their energies on business growth.
He urged beneficiaries of the loan to be judicious in the use of the facility and also endeavour to pay back as it enables the programmes to remain sustainable and stimulate the economic activities at the base of the pyramid.
“Marketmoni is targeted to several millions of Nigerians, therefore only our positive attitude will make it work. Let us take the advantage of this affordable finance to grow our business, to break poverty barriers and push the frontiers of inclusive growth and financial advancement,” he said.
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