Ogun gov disburses N28m loan to 400 persons

05.05.2008

OGUN State governor, Chief Gbenga Daniel, has disbursed N28 million loan to about 400 people in the state to engage in agricultural and non-agricultural enterprises.

This is in addition to the earlier loan of N300 million obtained from Nigeria Agricultural, Cooperatives and Rural Development Bank (NACRDB) for similar purpose.

Chief Daniel said at the flag-off of the 2008 empowerment activities of the Ogun State Agricultural and Multi-purpose Credit Agency (OSAMCA) in Abeokuta that his administration was committed to revitalising the economy of the state through injection of fund, especially the provision of credit facilities to farmers and micro-entrepreneurs.

Describing OSAMCA as a household name in the state because of its performance in the last five years, the governor commended the agency’s prompt repayment of an earlier loan of N300 million obtained from NACRDB in 2004.

Reiterating that the policy thrust of his government was to transform the state into an industrialised, socially-secured and economically viable state to afford all to be gainfully employed, Governor Daniel urged beneficiaries to repay their loans promptly and not view it as their share of the “state cake.”

The Commissioner for Commerce and Industries, Chief Tunde Alabi, in his speech at the occasion, said the agency had, since its inception in 2003, disbursed over N500 million to about 13,000 beneficiaries.

OSAMCA General Manager, Chief Michael Fabiyi, while speaking at the occasion, recalled that the agency was established in 2003 with the mandate of providing credit support for enterprises in the state, having realised the need for employment generation, poverty alleviation and wealth creation.