In response to the challenges posed by subsidy removal, the Oyo State Government under the leadership of Governor Seyi Makinde is set to allocate N500 million to bolster traders, artisans, and small business owners. This initiative, part of the Sustainable Actions for Economic Recovery (SAfER) program, seeks to stabilize the populace and invigorate the local economy in the face of rising commodity prices due to fuel subsidy removal and exchange rate adjustments.
The N500 million loan facility, characterized by a low single-digit interest rate and a flexible repayment scheme, is accessible to micro and small-scale business proprietors across various sectors. Interested entrepreneurs can obtain application forms at no cost from specified Microfinance banks strategically located in the seven geo-political zones within the state.
Here are the designated Microfinance banks:
- Full range Microfinance Bank, Old Zenith Bank Building, Iwo Road, Ibadan.Isale Oyo
- Microfinance Bank, Oyo town.Excel Microfinance Bank, Eruwa.
- NUT Oke Bola Microfinance Bank, Oke Ado, Ibadan.
- Caretakers MicroFinance Bank, Caretaker, Ogbomoso.
- Kadupe Microfinance Bank, Shaki.
- Ebedi Microfinance Bank, Iseyin.
Heading this commendable effort is Professor Musibau Babatunde, the Honourable Commissioner for Budget and Economic Planning, who also chairs the SME Loan Support sub-committee under the SAfER Programme. This substantial financial boost aims to fortify the resilience of local businesses and spur economic revival in Oyo State.
