No fewer than two hundred thousand residents of Ayedire, Iwo and Ola-Oluwa Local Government areas of Osun state will be given over N500,000 interest-free loan each donated to Ayiwola Ifesowapo Cooperative Society by a group of Philanthropists.
New Telegraph reports that the initiative is a Non governmental organization arrangement to tackle poverty among the people at the grassroot levels.
Speaking on Wednesday, while unveiling a N500million grant donated to Ayiwola Ifesowapo Cooperative Society by a group of Philantrophists to the people of Ayedire/Iwo/Ola-Oluwa federal constituency in Osun state, President of the Cooperative Society, Anthony Owolabi, said the loan will be distributed to members of cooperative society in the area for businesses interest-free.
Owolabi, the financial expert, however, advised the Federal Government to focus on investing in grassroots businesses to tackle poverty and grow the country’s economy.
He added that vibrant socioeconomic activities at the grassroots is capable of promoting the Gross Domestic Product (GDP) of the country’s economy.
He said the best way to reduce poverty is to start at the grassroots level and empower the petty traders.
Owolabi further explained that the purpose of the loan is to discourage begging and promote commercial activities for the betterment of the people.
“The initiative is an NGO arrangement to tackle poverty at the grassroots and is meant to give interest-free loans to people at the grassroots to do business that can earn them a living. The grassroots promotes the GDP of the economy. We must encourage petty traders irrespective of their political beliefs.
“So this kind of money is to encourage people to work and to promote commercial activities at the grassroot level which will in turn promote the national economy.
“The objective of this loan is to reduce poverty at the grassroots level. It will discourage begging and promote commercial activities.
“We have local intelligence that we should empower. The money some people need to survive is not big. Our women and girls are being molested because of little things that can easily be addressed by philanthropists in the country,” Owolabi added.
“We are looking at five hundred million and we are working on three Local Government areas now which is Ayiwola, Ayedire, Iwo and Olaoluwa, we are looking at Two hundreds thousand beneficiaries.”
The representative of Ayedire Local Government, Afeez Oyesiji, appealed to the beneficiaries not to see it as a free gift, promising that additional benefits await those who repay their loans on schedule.
