The National Directorate of Employment (NDE) has disbursed N5 million as revolving loans to 500 women across the 33 local government areas of Oyo State to boost their businesses.
Disbursing the money in Ibadan on Thursday, the state Coordinator of NDE, Mrs Olayinka Olayemi, said that the initiative was designed to help the women start-up and expand their small businesses.
She said that the programme was under NDE’s Micro Enterprises Enhancement Scheme (MEES) to contribute to the economic growth and poverty reduction.
The News Agency of Nigeria (NAN) reports that each of the beneficiaries received N10,000 as financial backing to start up a micro business of their choice or expand on the existing one.
“It is crucial to stress that this disbursement scheme is necessary to cushion the effect of COVID-1 9 pandemic on the country’s economy especially now that global economies are battling to remain aloof.
“The Federal Government, in its effort to reduce the high unemployment rate and kickstart microeconomic activities in the country, came up with this initiative so as to bring the economy back to track.
“It is worrisome that our women who are nation builders are badly hit by the pandemic and this gesture will help them get back on their feet and contribute meaningfully to the development of the nation’s economy,’’ the coordinator said.
Olayemi recalled that over 1,500 women in the state had earlier benefited from the scheme since it commenced in December 2019.
According to her, the previous beneficiaries now have amazing testimonies to share as they are doing well in their various endeavours.
She advised the beneficiaries to make judicious use of the revolving loan and ensure good turnover for appreciable opportunity in the future.
In her remarks, the Southwest Zonal Director of NDE, Alhaja Aolat Safari, urged the beneficiaries to ensure effective utilisation of the funds and engage in productive businesses.
The zonal director, who was represented by Mrs Stella Odunwa, said the directorate had various skills acquisition programmes that could enable unemployed Nigerians, especially youths and women, to get trained and be self-reliant instead of engaging in social vices.
Mrs Oboge Adeyinka, who spoke on behalf of other beneficiaries lauded the gesture and promised to make good use of the funds and repay on time for the benefit of others.
