Ondo young graduate farmers get N25m loan 

Governor Olusegun Mimiko of Ondo State

Governor Olusegun Mimiko of Ondo State

Ondo State Governor, Dr. Olusegun Mimiko, has disbursed about N25m to 70 young farmers and “agropreneurs” as support to start their own agricultural ventures.

The disbursement was part of activities marking the 2016 World Food Day, which theme was: “Climate is Changing, Food and Agriculture Must too.”

Represented by his Chief of Staff, Dr Kola Ademujimi, Mimiko at the event said the loans were given at a single interest rate of 2.5 per cent, for a period of two years, with a moratorium period of six months.

He said it was in line with his administration’s resolve to support micro and small businesses; create wealth and increase food production in the state.

The governor explained that his administration, through Ondo State Micro Credit Agency (OSMA), has disbursed about N3b under different schemes, targeting market women, artisan groups and small businesses, adding that over N1.5b was disbursed directly by the state government, and another N1.4b disbursement done under the ODSG/CBN MSME loan scheme.

According to him, the Cocoa Revolution Project of the state government had improved the quality and quantity of cocoa production, leading to the establishment of the Sunshine Chocolate Factory, which is aimed at adding value to cocoa beans produced in the state.

He, therefore, charged beneficiaries to use the funds judiciously, and for the prescribed purpose, noting that all funds given would be repaid because there was a monitoring team in place to ensure repayment.

The governor urged those yet to benefit from the disbursement not to be discouraged, assuring them that another round of disbursement would soon be carried out, as the state continues to energise efforts aimed at providing enabling environment and support for the youths.

The loan amount ranged from N250, 000 to N500, 000 per beneficiary for a period of two years.

Also speaking at the event, the Chairman of WECA, Bolanle Funmiloye, said that the loan was to support small-holder farmers, as they were the keys to food security.

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