Ondo State Government Introduces ‘Apalara Micro-Credit Scheme’; Distributes N166m Loans

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  • Ondo State Government Introduces ‘Apalara Micro-Credit Scheme’; Distributes N166m Loans

The Ondo State Government, through the Ondo State Micro- Credit Agency, on Thursday, distributed N166m soft loans to groups comprising; business owners, traders and farmers, in a scheme it tagged, ‘Apalara Micro-Credit Scheme’.

The groups which were over 21 in number, included; Association of Poultry Farmers, Nigeria Union of Tailors, Fish Farmers Association, Ondo State Hairdresser and Cosmetologists Association among others.

The Chairman of the State Micro- Credit Agency, Mrs Kosemani Kolawole, in her welcome remarks called on unemployed youths to also take advantage of the scheme, saying that some youths have already benefited from the scheme.

Kolawole also praised previous recipients of the loans who did not evade repayment after making profitable use of it, She then urged interested recipients to emulate them.

She said, “We have identified some unemployed youths who have been considered, we want more youths to come out and benefit from this scheme, some that have benefitted have started something with the loans and they are doing well in their businesses.”

The Ondo State governor, Rotimi Akeredolu, represented by his wife, Betty Akeredolu said that the scheme was created as part of his administration’s obligation to fight poverty and build wealth. He added that the scheme was created to make fund easily accessible to the people in order to enhance their businesses and economic activities as well as save them from the rigors associated with acquiring loans in commercial banks.

He said, “There is no gainsaying the fact that the challenges facing governments of most developing countries, Nigeria inclusive, is that of poverty reduction.

“Our government is fully conscious of this fact and has, therefore, not relented in putting in place various poverty reduction programmes including micro-credit loans for the benefit of our people, all aimed at improving their socio-economic well-being to achieve sustainable livelihood.

“I will therefore urged the beneficiaries of this loan to be faithful to its terms and conditions to ensure sustainability of the scheme.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: samed@investorsking.com.

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