By Queen Opara
The Central Bank of Nigeria (CBN) has released N250 million to Lagos State Agro-allied Cooperative Multipurpose Societies Ltd on behalf of Federal Government for on-lending to genuine cooperative societies’ members in Lagos at the single digit 9 per cent interest rate to accelerate the eradication of poverty the state.
At a flag-off ceremony last week for the disbursement of the loan to Lagos cooperatives, Mrs. Queen Victoria Abike Adesuyi Aladejobi, National Coordinator/Researcher on agricultural/agro-allied matters, who is also the National Director of Mobilization and Poverty Eradication, on behalf of the Federal Government, presented the cheque to the Lagos State Coordinator of Agro-Allied CSP Nigeria Ltd, Chief Mrs. Sonaiya Olajumoke.
The national coordinator enjoined all those who are serious, diligent members of coops to go to the office of the Agro-Allied CSP Nigeria Ltd and specify whichever area of intervention will favour them so that their data could be forwarded to CBN for the soft loans with only 9% interest per year.
Mrs. Aladejobi said the door is open for those willing to join the umbrella organisation and positively change their lives for the better, adding: “It should be understood that the loan is a revolving fund of the Federal Government for generational wealth creation, which must be paid back when due for others to benefit from it.”
According to her, to facilitate access to the loan, all those interested must brace themselves of vital information about the modus operandi, profile and constitution of the cooperatives in order to effectively and profitability operate their businesses.
Receiving the cheque, the Lagos State Coordinator, Mrs. Sonaiya Olajumoke lauded the Federal Government for the gesture and stated that agricultural activities have in time past, provided means of livelihood for the population, stressing that Nigeria’s economy and other developmental activities revolved around agriculture.
She urged young, able-bodied men and women to cash in on the initiative and better their lot instead of hunting for white-collar jobs.
Mr Philip Adeniji, the Ikeja Local Government Co-ordinator, in his opening address earlier, expressed appreciation to the Federal Government for the loan initiative saying that it will enhance economic activities and curb crime as many youths with agricultural sector projects will be further empowered with the loan.
In his speech, the President of Nigerian Association of Small and Medium Enterprises in the State, Dr. Adams Adebayo explained that CIT Microfinance will execute the loan on behalf of Lagos State.