The Central Bank of Nigeria (CBN) through the Nigeria Incentive Based Risk Sharing for Agricultural Lending (NIRSAL) has begun disbursement of loans to business owners, who applied through various Chambers of Commerce across the country, for sustainable economic development and employment generation.
The Vice President, Ogun State Chambers of Commerce, Industry, Mines and Agriculture (OGUNCIMA), who is also the President of Yewa Chamber of Commerce, Industry, Mines and Agriculture ( YECIMA), Alhaji Sijuwade Onigbami, disclosed this while speaking with newsmen at Ilaro, saying the loan, which would attract nine percent interest of repayment within four to six years, was designed to support and complement Federal Government’s efforts at promoting Agric-Business/Small and Medium Enterprises.
According to him, “beneficiaries of the loan will be given between
N2 million to N10 million Naira, with nine percent interest of repayment within four to six years. The scheme is setup to generate employment, especially for our unemployed youths and in the 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 they start or expand their businesses.
“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”.
He advised beneficiaries of the scheme to use the loan judiciously, adding that the scheme was not designed for agric business owners alone but could also be accessed for startup business, business expansion and revival of ailing companies, such as Agricultural, Real and Service sectors.