Ogun State’s N150 Billion Loan Scheme to Empower 175,000 Small Businesses 

Governor Of Ogun State, Dapo Abiodun

The Federal Government has launched a significant initiative to support small and medium enterprises (SMEs) in Ogun State, with an allocation of N150 billion aimed at reaching 175,000 business owners. This development was announced by Mr. Abiodun Awoniyi, the Ogun State Manager of the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), during a stakeholders’ meeting in Abeokuta. 

Loan Details and Benefits 

Under this loan scheme, small and nano-business owners can receive up to N1 million, while larger businesses with greater capacity can qualify for up to N1 billion. The loan repayment structure allows businesses a three-year term, with interest payments starting after three months and full repayments beginning after six months. Interested entrepreneurs are encouraged to register online or visit any Bank of Industry (BOI) branch for guidance. Awoniyi emphasized that the application process is transparent and accessible, stating, “You don’t need personal connections to qualify. If registered and eligible, you’ll be shortlisted based on merit.” 

Encouragement to Participate 

Addressing local skepticism, Awoniyi encouraged Ogun State entrepreneurs to seize this opportunity. “Ogun State residents are often among the least represented in government programs. We urge them to embrace this loan to grow their businesses and create jobs,” he added. 

This Federal Government loan scheme is a unique chance for Ogun State business owners to grow and contribute to job creation and economic strength. We urge our people to overcome their doubts and embrace this opportunity for a brighter future,” — Mr. Abiodun Awoniyi, SMEDAN Ogun State Manager. 

Eligibility Criteria 

The BOI State Manager, Mr. Michael Agidani, clarified that applicants must be registered with the Corporate Affairs Commission (CAC) and have a National Identification Number (NIN), Bank Verification Number (BVN), and a guarantor—either a civil servant or a qualified professional. 

Support for Business Growth 

Highlighting the broader goals, the Ogun State Commissioner for Industry, Trade and Investment, Mr. Adebola Sofela, noted that the N200 billion Presidential Intervention Fund, which includes the loan scheme, is designed to bolster MSMEs and manufacturing businesses across Nigeria. “This fund is a vital resource for businesses to scale and strengthen their impact on the economy,” Sofela stated. The commissioner, represented by Mrs. Oluyemisi Somorin-Dawodu, urged business owners to fully utilize the loan scheme and contact the ministry for support if needed. 

The N150 billion Federal Government loan scheme represents a transformative opportunity for Ogun State’s small and medium business owners to expand their ventures, create jobs, and strengthen the local economy. By encouraging transparency and accessibility, the initiative aims to break barriers for entrepreneurs, regardless of their connections or background. Business owners are encouraged to take full advantage of this initiative, paving the way for sustainable economic growth in Ogun State.