Economic recovery: Ogun Govt set to disburse N1bn grant to MSEs

The Ogun State Government said it would soon commence the first phase of the disbursement of N1billion operational grant to micro and small business operators selected across the 20 Local Government Areas of the state.

The State Commissioner for Finance and Chief Economic  Adviser, Mr. Dapo Okubadejo, who stated this at a stakeholders engagement in Abeokuta, said that the World Bank-backed grant was to facilitate recovery and enhance capabilities of MSEs for employment retention and job creation, post COVID-19.

Okubadejo revealed that over 3,500 successful micro and small business applicants would get a maximum of 100 and 350 thousand Naira respectively, under the Ogun State COVID-19 Action Recovery and Economic Stimulus (OG-CARES) programme.

While assuring that the selection process would be open, transparent and fair, the Commissioner added that priority would be given to women, youths and persons living with disabilities.

“We will ensure that all the beneficiaries are carefully selected and they represent a broader spectrum of all our people that have been specifically affected. All have been affected, but some are more affected. So, we are targeting those people particularly,” Okubadejo added.

Okubadejo who is also the Chairman, Steering Committee, OG-CARES, maintained that the reverberating effect of COVID-19 which is yet to abate and had affected several businesses especially small and micro enterprises, not only in the state, but the world at large, informed the State Government intervention.

He further submitted that there would be periodic verification by independent agents after disbursement to ensure that beneficiaries deploy the grant judiciously and ensure continuity of their businesses.