By Abiola Rufai
ILARO-YEWA: The Central Bank of Nigeria (CBN) through the Nigeria Incentive Based Risk Sharing for Agricultural Lending (NIRSAL) has begin the disbursement of loan to business owners that applied for it through various chambers of commerce across the country.
The Vice President of Ogun State Chambers of Commerce, Industry, Mine and Agriculture (OGUNCIMA) who is also the President of Yewa Chamber of Commerce, Industry, Mimes and Agriculture (YECIMA), Alhaji Sijuwade Idowu Onigbami disclosed this while speaking with newsmen at Ilaro, headquarters of Ogun West.
Alhaji Onigbami who pointed out that the business loan attract 9% interest of repayment for 4 to 6 years, said that the loan scheme was designed to support and complement the Federal Government’s efforts at promoting Agri-Business Small and Medium Enterprises Investment Scheme (AGSMEIS) as a vehicle for sustainable economic development and employment generation.
According to him, “AGSMEIS is an initiatives of the Bankers’ Committee in a bid to support and complement the Federal Government efforts at promoting Agri-Business Small and Medium Enterprises as a vehicle for sustainable economic development and employment generation monitored and controlled by the CBN.
“Beneficiaries of the loan will be given between N2 million to N10 Million Naira with 9% interest of 4 to 6 years for the repayment. The scheme is setup to generate employment especially for our unemployed youths and at a long run reduce the rate of unemployment in our society. This is because the beneficiaries of the scheme are going to employ more hands by the time that they start or expand their business(es).
“This is the first phase of the scheme and the beneficiaries have started collecting their money. The second phase will soon start, so I implore our people most especially our young graduates to key into it”.
Alhaji Onigbami advised the beneficiaries of the scheme to use the loan judiciously and for the purpose which it was applied for, adding that the scheme was not designed for agric business owners alone, but could also be accessed for startup business, business expansion or revival of ailing companies in sectors such as Agricultural sectors, Real sector and Service sector.