This intervention involves extending microcredit and agricultural loans to artisans’ groups, women organisations, market unions and agricultural cooperatives for on-lending to individual members or for the acquisition of common production facilities/equipment.
Loanable funds can be mobilised from existing financing windows including the CBN’s Micro, Small and Medium Enterprises Development Fund (MSMEDF), Nigerian Incentive-based Risk Sharing Agricultural Lending Scheme (NIRSAL) and Real Sector Support Facility (RSSF).
Microcredit and agricultural loan schemes are designed to facilitate the supply of loans to artisans, farmers, traders, etc. to expand their enterprises and create jobs.
The operational elements of the scheme are as follows:
i. Affordable loan conditions with liberal repayment terms
ii. Group-based loans; and
The participants will be group-defined as follows:
i. Artisans’ associations (300 persons);
ii. Market unions (inclusive of women-only unions) 300 persons; and
iii. Multipurpose cooperative societies (inclusive of women-only cooperatives) - 900 persons.
The Office of the Chief Job Creation Officer was created as a special purpose vehicle for the actualisation of job and wealth creation under the S.M.A.R.T agenda. The job and wealth creation scheme has been tagged OkowaPlus.