The Rotary District 9110, Nigeria, covering Lagos and Ogun states, has projected to set aside N50 million as micro credit scheme to empower 1,000 Micro, Small and Medium-scale Enterprises (MSMEs).
However, the club has empowered 40 MSMEs with N2 million to enable them to boost their businesses and create more wealth.
Making a statement at the Rotary District 9110 order of proceedings for the first disbursement of mega micro-credit scheme to beneficiaries in Lagos recently, the District Governor of Rotary District 9110, Bola Oyebade, explained that this was the maiden edition of the mega micro-credit scheme designed to uplift MSMEs in the country in line with the values of the Rotary Club to touch lives of people irrespective of their location in the country.
Oyebade explained that the beneficiaries are expected to repay the loan in five months without interest to the club.
According to him, the district’s mega micro-credit scheme was not connected to the COVID-19 pandemic in the country, noting that the plan was already in place before the pandemic outbreak.
“This is not a COVID-19 palliative as it were, it is a micro credit of Rotary District 9110 Nigeria, and it is something we have all planned even before COVID-19 pandemic lockdown. So, it has nothing to do with COVID-19 but part of our plans for this year. COVID-19 only came into Nigeria in March. This is something that has been in plan ever before March this year.
“The N2 million will go for about 100 people. Because what we intend to do is to continue to re-circle the N2 million, which is the base amount we have.”
On the moratorium for the loan payment, Oyebade said: “It is going to be for five months and by the end of five months, they would have returned all the money. It is interest free.”
The Chairperson, Mega Micro-Credit Committee of the Rotary District 9110, Nigeria, Olaitan Ojuroye, explained that the seed for the loan was generated by Rotary District 9110 in a bid to touch lives and humanity, which is the core value of the Rotary Club International.