Bank of Industry disburses N1bn to business owners in Ogun

Joy Agwunobi

The Bank of Industry (BoI) says it has disbursed the sum of one billion naira to 20,000 small business owners in Ogun. Mr Michael Agidani, Manager BoI in Ogun, said this during a nationwide town hall/sensitisation programme on the Presidential Grant and Loan Scheme on Tuesday.

According to him, the Presidential Conditional Grant Scheme is an intervention funded with N50 billion, to support petty business owners with N50,000 each. He said the one billion naira grant was disbursed to 20,000 small business owners from the 20 Local Government Areas in the state.

Agidani noted that the sum of N40 billion had been disbursed so far nationwide. “On the grant, so far in Ogun, over one billion naira has been disbursed to 20,000 beneficiaries from 20 LGAs in the state.

“Also, N40 billion has been disbursed nationwide under the Presidential Condition Grant Scheme,” he said. The manager also sensitised participants to easy access to the N75 billion Presidential Intervention Loan to support eligible manufacturing companies and big business owners.

He said the loan payable in three years with nine per cent interest would serve 75 million business owners and manufacturers at one million naira each. Also speaking,Adebola Sofela, the state Commissioner for Industry Trade and Investment, said the initiative represents an invaluable opportunity for Micro, Small and Medium Enterprises (MSMEs) and manufacturing businesses to access vital financial support.

Sofela, who was represented by Mrs Oluyemisi Somoron, said the fund was designed to help enterprises scale up, strengthen operational capacity, and contribute effectively to the local and national economy.

“Today’s event offers a unique platform for the  MSMEs and manufacturers to not only gain insights into the application process for the Presidential Intervention Fund but also to engage with government officials.

“They will engage with financial institutions, and support agencies that will guide them towards sustainable growth.

“I encourage all business owners present to take full advantage of this opportunity and actively participate in today’s proceedings.

“In return, it is anticipated that you will all return home to disseminate the same information to your numerous members, to enable them to enjoy the funding windows,” he said.

He appreciated the federal government for its continuous efforts in supporting the growth and sustainability of MSMEs in Nigeria. He also assured of the state’s continued support in fostering an environment conducive to business success and economic empowerment.

Mr Abiodun Awoniyi, the State Manager, Small and Medium Enterprise Development Agency of Nigeria, said the loan would boost their businesses. Awoniyi added that it would help the government to reduce the country’s unemployment rate.

He said the state was targeting a maximum of 175,000 people from each of the senatorial districts in the state. He urged business owners to tap into the opportunity, saying that the state’s participation level was low.

Some of the beneficiaries who benefitted from the Presidential Conditional Grant Scheme commended the Federal Government for the kind gesture.  Daniel Olukoga, a laundry business owner and one of the beneficiaries, said that he benefited from the N50,000 grant from the Federal Government.

Olukoga said that the money helped him in getting some equipment for his laundry business. “Initially, I never believed it; I just applied just because others were applying. I was so happy when I received the money; sincerely, it boosted my business,” he said.

Also,  Rasheed Shodamola, the Admin officer, Association of Skilled and Vocational Artisans, Ogun Chapter, in his testimony, said he applied for some of their members and 25 of them benefited from the grant.

“Sincerely, the programme was real because I am a witness to it. I registered people, and they benefitted. They, however, urged business owners to take advantage of any opportunities coming from the government and not see government support as fraud.