Micro credit disbursement by the Bank of Industry (BoI) under the Federal Government’s Government Enterprise and Empowerment Programme (GEEP) in Ogun State has hit over N450 million.
According to the Development Finance Institution (DFI), over 7000 beneficiaries across 130 associations have so far accessed the loans in the state.
The state governor, Ibikunle Amosun, during BoI’s presentation of loan certificates to beneficiaries under GEEP in Ogun State tagged “Marketmoni alert train don land”, said Micro Small and Medium Enterprises (MSMEs) are major catalyst for economic growth and development of big industries in itself. He lamented that MSMEs in the country have not been able to reach their potentials due to lack of access to funds.
“Majority of the industry players in this sub-sector could hardly meet up with the stringent conditions attached to accessing funds from our conventional commercial banks. This is why the Federal Government has to come up with different interventions such as BoI and other specialised funding institutions,” he said.