Nigeria: 7,250 Ogun MSMEs to access up to N10m loans’

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The Ogun State Government has said no fewer than 7,250 Micro, Small and Medium Enterprises operating in the state will access loan facilities ranging between N10,000 and N10m from the Ogun State Agricultural and Multipurpose Credit Agency this year.

The General Manager, OSAMCA, Olugbenga Abolaji-Israel said this in Abeokuta, according to a statement issued by the government on Tuesday.

He stated that all legitimate entrepreneurs, especially farmers, as well as individuals and co-operative societies whose applications were successful, could access the credit, noting that they had started selling forms for loans.

“Through this loan facility, 5,000 micro businesses will access N100,000 each, 2,000 Small and Medium Enterprises will be able to access up to N1m; 200 businesses will access up to N5m while 50 limited liability companies can also access up to N10m,” Abolaji-Israel said.

The General Manager noted that although the sale of forms would continue throughout the year, all submitted applications would be processed within six weeks.

He further disclosed that loan applicants who accessed the facility for agricultural purposes would enjoy a moratorium of three to four months.

He added that the agency was also assisting farmers by providing farm machineries for sale.

– Punch

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