Beneficiaries of One Local Government One Product [OLOP] have received another intervention by the Small and Medium Enterprises Development Agency (SMEDAN) which has graciously extended the moratorium it granted them by one year beginning from April this year.
The Director General of SMEDAN Dr Dikko Umaru Radda who made this revelation said the decision to extend the moratorium was made because the management was conscious of the fact that the MSMEs are critical to the sustenance of the nation’s economy and therefore needed the intervention in view of the impact vcovid-19 may have had on their businesses.
A statement released to ALSC by the Corporate Affairs Unit of SMEDAN quoted the Dr. Radda as saying it was on that backdrop that the Agency considered necessary to extend the Moratorium from three months to one year.
He however urged participating Micro Finance Banks MFBS to take note for compliance.
Dr. Radda also appealed to MSMEs in the country to avail themselves of the CBN-N50 Billion Naira Covid -19 Fund for Households and SMEs, adding that the CBN has waived some requirements meant for obtaining the loan and as such MSMEs should capitalise on the waiver and access the loan.
OLOP is a rural economy revitalization plan built around the well known drivers of its globally renowned equivalent One Village One Product which originated from Japan. As the name suggests it is a process in which each Local Government identifies a valuable local resource in which it has competitive and comparative advantage to promote to the rest of the country through its value-addition, sales and marketing activities. The programme is focused on identifying local distinctiveness, value-addition, and branding and market access.
The programme is assisting SMEDAN to achieve the goal of identifying and galvanizing rural communities around their natural endowment for wealth creation as well as enhance technical, technological and business management skills of MSMEs (especially existing) as basis for expanding business opportunities of local communities while facilitating emergence of value-added products, with emphasis on quality control, packaging and branding.