20,000 Artisans, Traders Get FG’s N1bn Grant in Ogun

James Sowole in Abeokuta

No fewer than 20,000 artisans, small business owners in Ogun State have benefited from the N1billion federal government’s Presidential Conditional Grant Scheme (PCGS) of N50, 000 for Micro, Small, and Medium Enterprise (MSMEs) which began in March this year.

The state manager of the scheme, Mr. Michael Agidani, disclosed this while addressing stakeholders at the Town Hall meeting and sensitization programme on Presidential Conditional Grant and Loan Scheme for MSMEs held in Abeokuta, the Ogun State capital.

This figure was disclosed, just as stakeholders and representatives of different business groups at the town hall meeting appealed to the government to expand the loan initiative towards making it more accessible and accommodate more beneficiaries in the state.

The stakeholders, which include People Living with Disabilities, among other various business sectors, lamented the significant financing gaps as a major hindrance to economic progress in the country, hence the need for the federal government’s assistance.

But responding to the plethora of challenges raised by stakeholders, Agidani, who is also the state manager, Bank of Industry (BoI) in Ogun State, explained that the new federal government N200 billion Presidential Intervention Fund was categorized into three levels.

In one of the levels, a sum of N50 billion has been set aside for MSMEs, stressing that each beneficiary under the loan scheme, is entitled to the sum of N10 million loan to boost their businesses.
Disclosing that the loan is repayable under a three-year period with an incubation grace period of three months, Agidani urged business owners across the 20 local government areas of the state to take advantage of the financing initiative to expand their businesses.

In his goodwill message, the Ogun State Commissioner for Industry, Trade and Investment, Mr. Adebola Sofela, emphasized that the loan scheme aligned with the vision of economic transformation, inclusive growth and job creation of the Prince Dapo Abiodun-led administration in the state
Sofela however pledged the state government’s continued support at fostering conducive environment for business success and economic growth and empowerment.

Also, the state manager, Small and Medium Enterprises Development Agency of Nigeria, Abiodun Awoniyi, commended the federal government’s initiative to boost economic growth, reduce poverty and improve the living standards of Nigerians.

He urged business owners to take advantage of the loan scheme , designed to strengthen operational capacity and contribute to the local and national economy.