The Rotary District 9110, Nigeria, covering Lagos and Ogun states is planning to set aside a pool of N50 million as micro credit scheme to empower 1,000 Micro, Small and Medium scale Enterprise (MSME) beneficiaries by June 2021. However, the Rotary club has empowered 40 MSME beneficiaries with N2 million loans to enable them boost their businesses and create more wealth in value chains trading. Speaking at the Rotary District 9110 order of proceedings for the first disbursement of mega microcredit scheme to beneficiaries in Lagos recently, the District Governor of Rotary District 9110, Bola Oyebade, explained that this was the maiden edition of the mega micro-credit scheme designed to uplift MSMEs in the country line with the values of the Rotary Club to touch lives of people irrespective of where they are in the country.
Oyebade explained that the beneficiaries were expected to repay back the loan in five months with interest free to the Rotary club. According to him, the district’s mega micro-credit scheme is not connected to the COVID-19 pandemic in the country, noting that the plan was already in place before the pandemic outbreak in the country.
He said: “This is not a COVID- 19 palliative as it were, it is a micro credit of Rotary District 9110, Nigeria and it is something we have all planned even before COVID-19 pandemic lockdown so it has nothing to do with COVID- 19 but part of our plans in Rotary District 9110 for this Rotary’s year and COVID-19 only came into Nigeria, I think about March. This is something that has been in plan ever before March this year.” Speaking further, the district governor pointed out that the 27 beneficiaries that got the loan yesterday were part of the 40 beneficiaries already short-listed by the Rotary District for the mega micro-credit scheme.
“The 27 beneficiaries are what we have for now to dedicate for it and it is not only 27 people as it were right now, today, they are supposed to be 40 people and before the end of April, we will have more than 100 people, that is our plan. And that N2 million will go for about 100 people. Because what we intend to do is to continue to re-circle the two million which is the base amount we have.” On the motorium for the loan payment, Oyebade said: “It is going to be for five months and by the end of five months they would have returned all the money. It is absolutely interest free.”