24,850 persons benefit from CBN/Osun N3.6bn micro-credit scheme

About 24, 850 traders and small scales enterprise and business owners have benefitted from the N3.6bn fund provided by Osun State government, through the support of Central Bank of Nigeria (CBN).
The administration of Governor Rauf Aregbesola with the CBN had provided a sum of N2.1bn as take off capital for the Osun Micro Credit Agency for disbursement to eligible beneficiaries, with a view to enhancing the state’s economy.
According to a report made available in Osogbo, the Osun State capital, on Sunday, by the Commissioner for Commerce, Industries, Cooperatives and Empowerment, Ismaila Jayeoba-Alagbada, the N2.1 billion initial capital had grown to N3, 660, 335, 000.
Details of the report indicated that 11, 391 beneficiaries from commerce were given N1, 677, 481, 000 credit, 9, 100 beneficiaries from agriculture sector were given N1, 339, 682, 000, while 2552 manufacturers were provided N375, 711, 000.
It further stated that “1, 379 artisans were given 204, 538, 000, 233 people from education sector got a sum of N34, 388, 000, while 195 people from health sector obtained N28, 535, 000. The number of beneficiaries and the amount were recorded between 2014 and 2017, according to the report.
Giving the breakdown of the disbursed fund, Jayeoba-Alagbada said a total of N662, 000, 000, N1, 496, 000, 000, N681, 000, 000 and N821, 335, 000, 000 were disbursed in 2014, 2015, 2016 and 2017 respectively.
While explaining that 90 percent of the beneficiaries have been repaying the credit to the Osun Micro Credit Agency.
Jayeoba-Alagbada, the Commissioner added that as a result of direct re-ploughing of the initial capital provided by the state government which was N100, 000 and recycling of the N2bn CBN fund, coupled with interest income and charges, the agency had operated with the total sum of N3, 660, 335,000.
He further observed that the provision of the credit facilities had created wealth for individuals and enhanced the performance of farmers, self-help groups, co-operative societies, small-scale businesses, cottage industries, hotels, hairdressers, artisans and others.

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