See who can apply as Nigerian state commences N500 million in soft loans

• The Ogun State Government has begun providing N500 million in soft loans to companies and artists in the state
• After all the essential arrangements are made, this will be given to dealers and craftspeople in 30 days
• Grants and subventions would be given to senatorial, zonal, and area development committees around the state

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

The Ogun State Government has started giving businesses and artists throughout the state N500 million in soft loans.

Funding ranging from N200,000 to N5 million will be granted to over 200 Community Development Associations. Photo Credit: Cavan Images
Source: Getty Images

The soft loan, known as "Oko'wo Irinse Dapo," will be handed to traders and craftsmen within 30 days once the necessary arrangements have been finalized, according to the state governor, Dapo Abiodun, who had earlier announced the plan.

He said,

“In fulfilment of the promise I made in the year 2022, which was to provide N500m in soft loans for the artisans that we call “Okowo Irinse Dapo”, I have instructed the Commissioners for Finance, Trade, and Investment and Community Development and Cooperative, to work out the modalities for disbursement of this loan.“The N500m is available for disbursement. However, we need to work out the details of how this disbursement will be made, and I have given them one month to ensure that our artisans and trade unions begin to benefit from this disbursement.”

Additionally, the governor declared that community development associations and area, zonal, and senatorial development committees throughout the state would be receiving grants and subventions, the Punch reported.

According to him, more than 200 Community Development Associations will be awarded funding totaling between N200,000 and N5 million.

In addition, twenty zonal development committees, three senatorial community development committees of the Ogun State Trade Council and the Ogun State Community Development Council will receive administrative grants and subventions.

FG invites Nigerians to apply for N50,000 cash grant

Legit.ng reported that Doris Uzoka-Anite, Nigeria's Minister of Industry, Trade, and Investment has announced that the federal government will begin disbursement of N150 billion in loans to micro, small, and medium enterprises (MSMEs) by the end of July 2024.

The minister made this disclosure in a post on X (formerly Twitter) on Thursday, June 27, 2024.

She also revealed that Nigerians still have opportunities to apply for the Presidential Conditional Grant Scheme.

Source: Legit.ng