The Bank of Industry
and Oduduwa Foundation have sealed a N1bn financing scheme for the benefit of
small businesses in Osun state as part of measures to address youth
unemployment and poverty in the state.
Under the MoU, the
bank will provide loans to youths and businesses in Ile-Ife, as well as other
beneficiaries outside the community.
According to the bank,
the fund will be made available for on-lending to entrepreneurs within the
agric, agro-allied, solid minerals and services sectors at an interest rate of
7.5 per cent.
A statement quoted the
Acting Managing Director, BoI, Waheed
Olagunju, as saying during the signing of the agreement in Ile-Ife
recently, that a substantial part of the loan would be disbursed to women,
youth and businesses showing high potential for job and wealth creation along
the value-chain of the identified sectors, as well as capacity to repay the
loans.
He said, “We have been
partnering multinational and corporate companies, but today, we are
collaborating with traditional rulers. These are people who have access to the
grass roots. Partnering them is a way of democratizing entrepreneurship.
“We identify areas in
which communities have comparative advantages and invest in them. The
beneficiaries will be selected using the global best practices.
“For this edition,
about 15 to 20 per cent of them will be those who deal in local production,
especially value-addition. We are working with the Entrepreneurship Development
Centre of Obafemi Awolowo University, Ile-Ife.
Applications are expected to be submitted and
a joint committee of the BoI team, the Oduduwa House and OAU team will access
it.
They are to be monitored by members of the committee and elders, especially
the traditional rulers.”
Olagunju added that
the first batch of potential beneficiaries had been trained by the EDC, as the
bank was already building capacity of entrepreneurs before disbursing the funds
to them, adding that at least 5,000 youths would benefit from the initiative.
On his part, the Ooni
of Ife, Oba Adeyeye Ogunwusi, emphasized
the need to get youths empowered, saying that was necessary for the nation’s
continuous growth.
He challenged monarchs
across the country to be dedicated to youth development in their communities.
Oba Ogunwusi said, “If
the youths of today are empowered, many generations will benefit from them and
poverty will be abolished. Today’s event is another giant step in the history
of Ile-Ife.
“We are moulding the
future of our youths in the areas of agriculture and agro-allied industry. I
put a challenge to other monarchs to engage in community partnership. We should
stop relying on government.”
Source: State of Osun
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