The Ondo State Government has again disbursed the total sum of N166million to owners of Small, Medium and Micro Enterprises under the Apalara Micro-Credit scheme.
It would be recalled that the Apalara scheme was launched in November 2018 with the disbursement of N550million to the unemployed but productive people in the state in order to make them self-reliant.
In his address, the State Governor, Arakunrin Oluwarotimi Akeredolu, SAN, identified the provision of Micro-Credit facilities as germane to the transformation of the informal sector of the state’s economy.
Represented by his wife, Arabinrin Betty Anyanwu-Akeredolu, the governor reiterated the commitment of the current administration in the state to reduce poverty, noting that disbursement of micro-credit loan is a veritable mechanism for achieving sustainable development.
He described the provision of benefits of good governance to the citizens as a noble cause that must be pursued with vigor and determination.
“Today’s event is, therefore, part of the conscious effort of our administration to put smiles on the faces of the productive poor in the state through the provision of credit facilities with affordable interest rate.
” There is no gainsaying the fact that the challenges facing governments of most developing countries, Nigeria inclusive, is that of poverty reduction.
“Our government is fully conscious of this fact, and has, therefore, not relented in putting in place poverty reduction programmes including micro-credit loans for the benefit of our people, all aimed at improving the socio-economic well-being to achieve sustainable livelihood”, says the governor.
Governor Akeredolu who implored the beneficiaries to invest the fund judiciuosly, however, appealsd to them to reciprocate the gesture by supporting the developmental projects and visions of the current administration.
He also charged them to see the loan as something to pay back so that others can have the opportunity to also benefit.
Earlier in her address, the Chairman of the State Micro Credit agency, Mrs. Kosemaani Kolawole had appreciated the Governor for approving the agency’s continuous partner with potential investors, globally.
She assured that the partnership efforts would soon yield fruitful results that will enhance the chances of meeting the needs of thousands of genuine entrepreneurs who need to expand their businesses.
Kosemani identified five outstanding beneficiaries whom she said have not defaulted in loan repayment and had judiciously utilised the loans collected.
” One of the groups has taken loans seven times and has not disappointed the Agency”, she said
The outstanding beneficiaries reeled out included: Owolowo foodstuff Association(Egbe Elelubo Pelebe), Akure; Ondo State Hairdressers and cosmetologists Association; Egbe Oni-Readymade, Oba-ile; Akure North and Egbe Olobi Ijare, Ifedore local government area.
A beneficiary, Otun Iya Oloja from Owo, Chief Mrs Funmilayo Iwaloye appreciated the Governor for recognising her association.