Federal Government Partners Imowo Mfb To Organize N500 Million Empowerment Program
One of the federal government agencies, Credit Corps, in partnership with one of the fastest growing Microfinance Banks in Nigeria, Imowo Microfinance Bank, has organized a N500 million empowerment program for medium-scale businesses in Ijebuland. The empowerment program was organized at the Awujale palace, having in attendance the council of Otunba's among other chiefs attached to the palace.
The first phase of the empowerment program entails disbursement of fifty tricycles at low interest rate to functional entrepreneurs in Ijebuland, while other private businesses are expected to benefit from the program.
According to the Board Chairman, Credit Corps, Otunba Aderemi Abdul, he stated that the federal government headed by Asiwaju Bola Tinubu is passionate about reducing the level of poverty in the country; hence the need for holistic approach towards equipping medium-scale businesses to expand their outreach.
He added that the federal government decided to partner with Imowo Microfinance to make this vision a reality after carefully examining the records of the bank over the years and coming to the conclusion that Imowo Microfinance is one of the best microfinance banks in Nigeria that has been able to stand the test of time and continue to meet up with the expectations of its customers. Otunba Abdul urged the beneficiaries of the program to make adequate use of the resources so that other people will be able to leverage on this.
Similarly, the Managing Director, Credit Corp, said the essence of the program is to give access to medium-scale business to flourish by making capital available to the private sector as this will reduce unemployment in the country, as the program will be undertaken in all parts of the country.
Speaking during an interview after the event, Otunba Aderemi said the mission statement of the organization is to encourage industrialization and further encourage Nigerians to patronize made-in-Nigeria goods.
He pointed out that capital is made available for onward lending at low interest rate, stating that the economy of china have continued to expand because the private sector have enough resources to expand production which is very key to industrialization.
Otunba Abdul added that the scheme has the potential to reduce unemployment in the country by providing succour to the people.
