Otti disburses ₦1bn interest-free loan to business owners in Abia

Beneficiaries of the credit facility were drawn from the 184 electoral wards in the South-East state.

Speaking at the event, Otti described the scheme as a strategic economic emancipation of small business owners, especially those in rural areas.

He added that the multiplier effect of the programme will lift the beneficiaries’ dependants from abject poverty.

According to the Governor, the scheme, which is earmarked to attract 10,000 beneficiaries, perfectly aligns with his government’s strategic development agenda geared towards improving the welfare of the people.

“Thousands of the beneficiaries selected for this batch are petty traders, farmers, and artisans who have over the years toiled on their own without the kind of structured support that their peers from other parts of the world take for granted.

“Our model is geared towards improving production, creating jobs and reducing poverty. Our target is beyond the present number of beneficiaries, which is to reach about 100, 000 businesses directly over the next 36 months because we are optimistic that today’s beneficiaries will put in honest effort to repay the loans in time so that others can benefit.

“The projection is that the injection of about N1bn into the economy of the various communities in the state through the interest-free revolving loan scheme will ultimately lead to a jump in the volume of agricultural outputs brought to the markets in the short to medium term, new orders for business inputs, and a measurable rise in the value of the gross domestic product of the local communities,” Otti said.

The Governor gave the assurance that all the appropriate mechanisms for monitoring the scheme would be put in place.

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