The Ondo state micro credit scheme, is an agency under governor Oluwarotimi Akeredolu SAN, administration that empowers youths, artisans, SMEs business owner through soft loan grants, to enable beneficiaries establish an existing business as well as encourage economic activities in the state.

Through this initiative, the government has shown her commitment towards the development of the socio-economic well-being of the citizenry. This great stride by the governor, has succeeded in achieving its purpose, by reaching out to the less privilege and changing lives positively.


According to Governor Akeredolu, this loan grant is designed to tackle poverty, banish hunger and create wealth for the masses. He stated that the major problem facing governments of the developing countries, including Nigeria is that of poverty reduction.


In April 2019, N54m soft loan was disbursed to traders and various associations which include, Ondo state sunshine rice, Igbo/Akure Cooperative societies, Ondo state traders, artisan groups, Nigeria union of tailors and Asegun dynamic market front. This group were the first beneficiary of the disbursement.

According to the Chairman of Ondo State Micro-credit Agency Mrs. Stella Kosemani Kolawole, the agency has succeeded in empowering not less than 1,000 Iyalaje, and Iyalojas all over the 18 local government area of Ondo state with over N50Millon.
She noted that Governor Oluwarotimi Akeredolu, is man who is full of high emotional intelligent and is judiciously using Ondo state resources to embark on peoples’ oriented projects.


The government also made the accessibility of loan through the agency easy unlike the rigorous process people undergo when accessing loan from financial institution. Each loan only attracts 9% of what is borrowed for a period of one year, which makes it easier for applicants to redeem their payment without stress and also thrive in their businesses.


As a result of its mode of application, more applicants show interest to benefit from the scheme and this administration which is determined to ensure eradication of poverty is committed to providing as much amount of loan in demand by the applicant.

The agency, as a result of too many applications from the people, disbursed N166m to association of poultry farmers, fish farmers’ association, Ondo state hairdressers and cosmetologists association in August 2019.

So far, Governor Oluwarotimi Akeredolu SAN has succeeded in lifting not less than three thousand people out of poverty and hunger through this empowerment scheme.

GENEVIEVE ALOZIE
TCC NEWS.