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Abiodun approves N500m for MSMEs development

By Charles Coffie Gyamfi, Abeokuta
25 November 2022   |   4:00 am
Ogun State Governor, Dapo Abiodun, has approved a revolving loan facility of N500 million for the development of Micro, Small and Medium Enterprises (MSMEs).

Ogun State Governor, Dapo Abiodun, has approved a revolving loan facility of N500 million for the development of Micro, Small and Medium Enterprises (MSMEs).

Abiodun, who announced the approval during the 2022 International Community Day and World Trade Day celebrations, held at the MKO International Stadium, Abeokuta, said that the scheme, which will be launched before the end of the year, would help the people of the state to put their businesses in good shape.

The governor, while urging the eventual beneficiaries to adhere strictly to the terms and agreement of the facility for others to enjoy, said that his administration had also approved an increase in grant-in-aid ranging from N500,000 to N5 million.

He said that under the new grant-in-aid approved by his administration, the least any Community Development Association (CDA) will go home with is N500,000.

The governor added that his administration had approved N5 million as ceiling for any project considered grant aided.

Abiodun, while urging members of the CDAs to make good use of the infrastructure within their environments, said that his administration would be fair, just and equitable.

He also urged members of the associations not to allow themselves to be used by unscrupulous politicians.

In his address, the Commissioner for Community Development and Cooperatives, Abayomi Hunye, while noting that grant-in-aids would be given to worthy self-help projects of CDAs across the state, said that subventions and administrative grants would also be given to 411 Area CDCs, 20 zonal CDCs, three senatorial CDCs and state council caretaker committee.

The state Chairman, Caretaker Committee of the Community Development Councils in the state, Lucien Taiwo, while commending the governor for his efforts at repositioning CDAs in the state, said that they would support the second term ambition of the governor.

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