Rep. Fred Agbedi, (PDP, Sagbama/Ekeremor Federal Constituency) on Monday disbursed a N90 million grant to 30 cooperative societies across his constituency.
Agbedi, said at the disbursement ceremony at Sagbama LGA, that the grant ranging from N500, 000 to N5 million, was given to the beneficiaries, who underwent entrepreneurship skills training in various fields by SMEDAN.
Reports state that the initiative, under the Zonal Intervention Project, is being implemented in collaboration with Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and First Multiple Microfinance Bank.
The lawmaker urged the beneficiaries to use the funds to boost the economic activities within their constituencies and strengthen the cooperative societies.
Agbedi said the scheme was geared towards boosting the output of micro and small enterprises across the Sagbama/Ekeremor Federal Constituencies.
“This is the third time we are empowering the people through cooperatives. In this we are putting over N90 million to 30 cooperatives and their representatives are here.
“And, I can stand to tell you only five community based cooperatives are performing very well. The scheme also captures persons with disabilities and members of my constituency as well.
“Knowing how difficult it is for people to make a living for themselves.
“I have the belief and understanding that people should be empowered in such a way to be economically self-reliant, and also be employers of labour.
“Take it seriously, be dedicated, be devoted and ensure that this is a source of livelihood to anybody who has benefited from this empowerment programme,” Agbedi said.
The Director-General of SMEDAN, Dr Umaru Radda, who was represented by the Bayelsa State Manager of SMEDAN, Boboso Abilo, urged the beneficiaries to manage the funds prudently.
The SMEDAN boss noted that if beneficiaries applied the knowledge impacted on them, their businesses would grow and expand into profitable ventures that would provide employment to others within their area.
Also, Chief Vendika Joel, President of Bayelsa State Cooperative Financing Agency, and Chief Moses Magbisa, Amananaowei of Sagbama, expressed appreciation to Agbedi for the initiative
They urged the benefiting cooperatives to make good use of the money.
In her remarks, the Managing Director of First Multiple Microfinance Bank, Joy Kasarachi, said the scheme was to ensure equity in the allocation of projects.
She urged the beneficiaries to utilise the funds judiciously for the rightful purposes and called for more cooperation with Agbedi to attract more beneficial projects to the area.
Ebiere James, who spoke on behalf of the beneficiaries shortly after collecting their cheques, thanked Agbedi for improving their skills and establishing businesses to make them self-sufficient.