The Ogun State Government has disbursed over N241m loan to 500 beneficiaries under the State Agricultural and Multipurpose Credit Agency (OSAMCA) Scheme.
Speaking while presenting the cheques to beneficiaries at Oke-Mosan, Abeokuta, the State Governor, Prince Dapo Abiodun said the commencement of the credit facility to citizens was in fulfilment of his electoral promises to boost businesses and further improve standard of living.
Represented by his Deputy, Engr. Noimot Salako-Oyedele, Governor Abiodun said his government would continue to support the agency with adequate funding to make it regenerate its revolving loan for necessary recapitalisation, so as to accommodate more people.
He noted that the loan disbursement which is the first batch of the OSAMCA loan scheme is available in cash and in form of various equipment such as tractors, tricycles, motorcycles, deep freezers, generators, mattresses, among others, adding that more applicants could apply for the loan.
“As an administration that aspires to banish poverty and improve the individual prosperity of its citizens, we have set up value-added programmes like the Anchor Borrowers’ programme, Broilers’ project, FADAMA GUYS, Oko’wo Dapo, among other interventions”, Abiodun said.
Speaking earlier, Commissioner for Industry, Trade and Investment, Mrs. Kikelomo Longe, said one of the challenges confronting agricultural development in the country was lack of access to credit facility by farmers and agro-services entrepreneurs.
Longe noted that local farmers needed to be liberated from existing credit systems, which seeks to exploit agro-preneurs by enforcing exorbitant interest rates and unfavourable repayment terms, urging farmers to commit the resources to productive engagements that would improve profitability.
In his welcome address, the Board Chairman, OSAMCA, Mr. Abayomi Hunye, said about N850m had been disbursed to over 22,000 beneficiaries in agricultural and non-agricultural enterprises across the State, including market men and women associations, automobile technician associations, as well as military pensioners, assuring that the exercise would be continuous.
Responding, the Iyaloja-General in the State, Alhaja Anifat Abass, stated that the loan scheme was beneficial and easily accessible, imploring the beneficiaries to ensure prompt refund, so as to encourage government disburse more and enable others to benefit.
Speaking on behalf of other beneficiaries, Mr. Olufemi Onaniyi appreciated government for the gesture, assuring that the loan would be used judiciously and repaid as and when due.