FG kicks off ‘GEEP’ to Support MSMEs in Oshodi-Isolo
By Edith Igbokwe
The Federal Government has kicked off the distribution and filling of forms for the Government Enterprise and Empowerment Programme (GEEP) for the Micro, Small and Medium Enterprises (MSMEs) in Oshodi-Isolo Local Government Area to aid their businesses.
The programme was initiated by the President Mohammed Buhari led administration as one of the Social Intervention Programme (SIP) designed to offer zero interest rate loans to over 1.2 million beneficiaries at the grassroots.
According to Oshodi-Isolo liaison Officer, Comrade Okanlawon Wasiu Olalekan, who started his journey as an Executive Member of Bus Conductors Association in Nigeria (BCAN), now liaison officer of Buhari Campaign Organization (BCO) explained that the grassroots dwellers, petty traders, artisans, traders and cooperatives are the segment in view of the credit access facilities to help sustain and grow their businesses.
He however stated that trading capital, between N50,000 and N100,000 loan, is accessible and it works with cooperatives to assist MSMEs and that the Bank of Industry (BOI) manages it by verifying the membership of the cooperatives through BVN.
He explained that those who default in repaying the loan are blacklisted and prevented from further access.
BCO inaugurated 20 local government liaison officers on 31st August 2018 at Rita Laura Hotel Surulere which includes Oshodi LGA, presently based at 25, Alimioke street tentatively, as it bridges the credit gap and creates wealth for the citizens on the lower rung of the economic ladder.
The turnout of participants in the credit loan scheme in Oshodi was massive as the beneficiaries commended the initiators of the programme.
Echonews gathered that about 70 per cent of those who run MSMEs lack financial access to loan facilities to boost their businesses.
Like this content?
Subscribe to Echonews to receive our community news update in your inbox