Breaking News

Puncturing Osun APC’S 27 Compendium Of Lies | #ImoleOneYearAnniversary💡 | Adeleke has Vindicated those who Booted Oyetola out of Office, Olawale Rasheed Replies Omipidan | One year of transformative development and good governance | Pictures | OSUN PEOPLE ARE AWARE GOVERNOR ADELEKE IS ON A WORKING VACATION | One Year Anniversary: We Surpassed our Targets on Good Governance Deliverables-Governor Adeleke. | GOVERNOR ADELEKE CONGRATULATES OVATION PUBLISHER, DELE MOMODU, ON CHIEFTAINCY TITLE | Governor Adeleke Congratulate Ovation Publisher, Dele Momodu, On Chieftaincy Title | Governor Adeleke Celebrate Ex-Vice President, Atiku Abubakar, On Birthday | Governor Adeleke Embarks on Working Vacation to Europe and Asia, Says We are Delivering on Good Governance | Staff of Office: Governor Adeleke Congratulates Oba Faforiji | Governor Adeleke Directs Investigation into Night Raid on Ayegbaju Market ●Says No Government Official Is Involved | Governor Adeleke Tasks Cabinet Members on Budget Defence, Lists Three Urgent Executive Bills | Osun rolls out 19 buses as subsidy palliatives, ● Promises more goodies in a few days time | You are a pride to us, Governor Adeleke celebrates nephew, Davido, on birthday | Adedoyin case: Governor Adeleke Being Blackmailed for Refusing to Shield Chief Judge from Corruption Probe | Osun Government Says It is Open to Engagement with Civil Society Groups, Caution Against Political Partisanship | Governor Adeleke Writes CJN/NJC, Says No Official is yet Appointed Acting Chief Judge | Osun Government Says CJ Matter Forwarded to NJC, Says Governor Adeleke did not Defy any Court Order

Breaking News

Puncturing Osun APC’S 27 Compendium Of Lies | #ImoleOneYearAnniversary💡 | Adeleke has Vindicated those who Booted Oyetola out of Office, Olawale Rasheed Replies Omipidan | One year of transformative development and good governance | Pictures | OSUN PEOPLE ARE AWARE GOVERNOR ADELEKE IS ON A WORKING VACATION | One Year Anniversary: We Surpassed our Targets on Good Governance Deliverables-Governor Adeleke. | GOVERNOR ADELEKE CONGRATULATES OVATION PUBLISHER, DELE MOMODU, ON CHIEFTAINCY TITLE | Governor Adeleke Congratulate Ovation Publisher, Dele Momodu, On Chieftaincy Title | Governor Adeleke Celebrate Ex-Vice President, Atiku Abubakar, On Birthday | Governor Adeleke Embarks on Working Vacation to Europe and Asia, Says We are Delivering on Good Governance | Staff of Office: Governor Adeleke Congratulates Oba Faforiji | Governor Adeleke Directs Investigation into Night Raid on Ayegbaju Market ●Says No Government Official Is Involved | Governor Adeleke Tasks Cabinet Members on Budget Defence, Lists Three Urgent Executive Bills | Osun rolls out 19 buses as subsidy palliatives, ● Promises more goodies in a few days time | You are a pride to us, Governor Adeleke celebrates nephew, Davido, on birthday | Adedoyin case: Governor Adeleke Being Blackmailed for Refusing to Shield Chief Judge from Corruption Probe | Osun Government Says It is Open to Engagement with Civil Society Groups, Caution Against Political Partisanship | Governor Adeleke Writes CJN/NJC, Says No Official is yet Appointed Acting Chief Judge | Osun Government Says CJ Matter Forwarded to NJC, Says Governor Adeleke did not Defy any Court Order
MARKETD
Webmaster February 26, 2014

Osun: Providing Credit To Women For Development

MARKETDMarkets play critical role in economic life of Nigerians, especially for those in the rural areas. This is why the Osun State government is constructing markets across the state for the people.
The state has said the multi-million naira Ayegbaju International Market being constructed by the administration will soon be commissioned.
Osun State Governor, Rauf Aregbesola, stated this while speaking at a one- day sensitisation workshop on the N220 billion Micro, Small and Medium Enterprises Development Fund (MSMEDF) organised by the Central Bank of Nigeria (CBN) for stakeholders in the state.
Aregbesola, represented by the state Commissioner for Finance, Budget and Economic Planning, Dr. Wale Bolorunduro, said the state government has concluded arrangement to commission the multi-million naira Osogbo Ayegbaju International market for use of the traders.
He stated further that the government would also empower women of the state with N600 million in the next few weeks.
He maintained that the government has worked out modalities with micro finance banks to disburse the loan to the beneficiaries of the government gesture.
The governor, who urged the people, especially women, to maximise the opportunity of the Central Bank of Nigeria (CBN)’s loan, described them as a major factor in the economic development of the state, promising that the state was ready to maximise the apex bank loan for development of the state and its citizenry.
Aregbesola stated that when the present administration came on board in November 2010, the gross Domestic product (GDP) of the state was $5 billion, which it has increased into over $9billion in 2013.
He flayed the critics of his administration, saying that the state is now the seventh largest economy in the federation going by the Federal Government data on GDP, adding that the opposition parties in the state lack knowledge about the economic development of the state.
He reiterated that no fewer than 200,000 people would benefit from the Central Bank of Nigeria (CBN)’s gesture in collaboration with the state government, noting that Osun State government would provide counterpart fund in order to increase the number of beneficiaries to 400,000.
He stressed that the state government would provide bank guarantee for the cooperative socities in the state that show interest to access the fund.
The branch controller of the CBN, Mr. Macduff Okorode Efetabore, while speaking, explained the reason why the apex bank initiated the fund, saying it was to develop the economic status of over two million Nigeria citizens, particularly 60 per cent of women entrepreneurs in the period of ten years.
He said that the main objective of the fund was to provide, low interest fund the to Nigerian economy through participating financial institutions.
CBN boss also stated that the management team of the bank recognised the strategic position of state governments to the Nigerian citizens at the grassroots, thereby making them important stakeholders in the administration of the fund. He added that CBN has developed operational guidelines for the state government participation in the MSME development fund.
Effetabore maintained, “The MSMED fund has two broad objectives, which are social and commercial. The social/development fund shall constitute 10 per cent, broken down as follows: grants per cent, interest drawback three per cent, managing agents’ operations cost two per cent, adding that the commercial fund shall constitute 90 per cent of the fund as follows; wholesale funding-90 per cent of the commercial component and guarantees/refinancing-10 per cent of the commercial component.
“Considering the peculiar challenges faced by women in accessing financial services in Nigeria, the revised micro-finance policy, regulatory and supervisory framework in section 4.2 (1V) provides that women’s access to financial services should increase by 15 per cent annually in order to eliminate gender disparity. In order to achieve this, sixty 60 per cent, which is N132.00 billion of the fund has been earmarked for providing financial services to women.
“In operating the fund, special consideration shall also be given to institutions that will provide financial services to graduates of the Central Bank of Nigeria’s Entrepreneurship Development Centres (EDCs)”.
DAILY INDEPENDENT

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: