The initiative is being delivered under a World Bank/Federal Government-Assisted project christened ‘NG Cares,’ which was domesticated as ‘Oyo Cares.’

The initiative was conceptualized by the government to mitigate the adverse effect of COVID-19  on businesses which include job losses and closure of some firms. About 1,000 entrepreneurs will benefit from the fund. 

Oyo Cares is being administered by the Oyo State Investments and Public Private Partnership Agency (OYSIPA).

The beneficiaries were drawn from among entrepreneurs operating in all parts of the state. 

Presenting dummy cheques to some  first batch beneficiaries on Tuesday, the Commissioner for Budget and Planning, Prof. Musbau Babatunde; his Finance counterpart, Mr Akinola Ojo; and  Director-General OYSIPA,  Ms Lola Olutola, explained that Oyo was the first state in Nigeria to disburse the fund.

“This is a dream come true. Nigeria was just recovering from recession when COVID-19 came. The economy almost collapsed. We approached the World Bank for a solution, and that’s what culminated in Oyo Cares today. This initiative will have multiplier effect on the economy. We thank Governor Makinde for the support he has been giving this project,” Babatunde said.

Speaking, Ojo explained that the initiative was the government’s way of empowering entrepreneurs, adding that Oyo Cares was embraced because it aligned with Governor Seyi Makinde’s vision of taking people from poverty to prosperity. 

The Project Manager, Mr. Akin Makinde, revealed that the fund was of two types – loans and operational grants. 

He said the beneficiaries would be monitored to ensure that the grant or loan is well utilized, adding that the Bank of Industry (BoI) which is a partner in the project, would select some performing beneficiaries for bigger loans.
BoI’s State Manager, Mr. Cyril Anyanwu, disclosed that the sums would begin to drop in beneficiaries’ bank accounts on Tuesday (today). He also urged them to use it for the right purpose.

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