Oyo State Government has begun distribution of grants and loans totalling N1billion to entrepreneurs.
The initiative is being delivered under a World Bank/Federal Government-Assisted project titled: ‘NG Cares’, which was domesticated as ‘Oyo Cares.’
The initiative was conceptualised by the government to mitigate the adverse effect of COVID-19 on businesses, which included job losses and closure of some firms. About 1,000 entrepreneurs will benefit from the fund.
‘Oyo Cares’ is being administered by the Oyo State Investments and Public Private Partnership Agency (OYSIPA).
The beneficiaries were drawn from among entrepreneurs operating in all parts of the state.
Presenting dummy cheques to some members of the first batch, the Commissioner for Budget and Planning, Prof. Musbau Babatunde, his Finance counterpart, Mr. Akinola Ojo and the Director General of the agency, Ms Lola Olutola, said Oyo was the first state to disburse the fund to beneficiaries.
Ojo, who explained that the initiative was the government’s way of empowering entrepreneurs, pointed out that ‘Oyo Cares’ was embraced because it aligned with Governor Seyi Makinde’s vision of taking people from poverty to prosperity.
Babatunde said: “This is a dream come true. Nigeria was just recovering from recession when COVID-19 came. The economy almost collapsed. We approached the World Bank for a solution, and that’s what culminated in ‘Oyo Cares’ today. This initiative will have multiplier effect on the economy.
We thank Governor Makinde for the support he has been giving this project.”
The Project Manager, Mr. Akin Makinde, said the fund was of two types – loans and operational grants.
He said the beneficiaries would be monitored to ensure that the grant or loan was well-utilised, adding that the Bank of Industry (BoI), which was a partner in the project, would select some performing beneficiaries for bigger loans.
BoI’s state Manager, Mr. Cyril Anyanwu, said the sums would begin to drop in beneficiaries’ bank accounts.
He also urged them to use it for the right purpose.