March 27, (THEWILL) – The National Association of Microfinance Bank (NAMB) has made available a special loan of N900 million to boost the operations of Micro, Small and Medium Enterprises (MSMEs) in Ogun State.
The Commissioner for Industry, Trade and Investment, Mrs. Kikelomo Longe, who disclosed this during a virtual quarterly stakeholders’ meeting in Abeokuta, the state capital, said that the credit facility could be accessed in any micro finance bank across the state.
Longe said that the N900m loan was made possible through the Governor Dapo Abiodun led administration by partnering with NAMB in order to build on the achievement of the MSMEs business clinic recently held in the state
She noted that the loan was in addition to the funding opportunities such as the N1bn Ogun State Government -Bank of Industry (OGSG-BOI) loan and the Ogun State Agricultural and Multipurpose Credit Agency (OSAMCA) credit facility, which were available to entrepreneurs in the state.
“I am happy to inform you that the National Association of Microfinance Banks (NAMB) has made the sum of N900 million available in the form of a special lending product to entrepreneurs operating in Ogun State,” she stated.
The Commissioner stressed that the ministry, through its partnership with financial institutions, had commenced an MSMEs Business Clinics’ follow-up programme tagged “Access to funding” to proffer solutions to the financial limitations facing entrepreneurs.
Longe said the state was deploying various strategies towards building the capacity of entrepreneurs, fostering linkages between industries and entrepreneurs, enhancing the export capacity of entrepreneurs and facilitating export for improved foreign exchange earnings.
The state government, she adds, is constructing shared facilities for start-ups, domesticating the National Policy on MSMEs through the reenactment of the State Council and developing a Special Agro-processing Zone (SAPZ) in collaboration with the African Development Bank (AfDB).
Earlier, the Special Adviser to the Governor on Industry, Trade, and Investment, Chief Remi Ogunmefun assured that the government would continue to engage entrepreneurs in fostering lasting solutions to the challenges of the MSMEs’ sub-sector.
