At a recent stakeholders’ meeting, Governor Segun Oni of the state of Ekiti, Nigeria made several announcements pertaining to the development of the microfinance sector in the state. He disclosed that by next month, an Economic Team would be established in all sixteen local governments of the state to manage a new micro-credit fund. The fund will be comprised of a state government contribution of N50 million (USD 424,502) and local council contributions of N10 to N25 million (USD 84,900 to USD 212,251). It will be used to “develop the economic strategies of each of the local government areas”. Members of the Economic Team will be nominated by traditional rulers and will serve as volunteer servants of their community.
Among other strategic economic plans, including ones on the provision of water and solar energy, Oni also announced that his administration hopes to disburse micro-credit loans to 250,000 indigenous people of Ekiti this year.
For past MicroCapital stories on Nigerian microfinance, including information on the recent recapitalization of Nigerian community banks, please click here.
By Mary Fu
Additional Resources:
Segun Oni: Home
The Tide Online: “Ekiti govt to give loans to 250,000 people”
Bloomberg: Currency Calculator
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