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Published On: Mon, Jun 15th, 2020

SMEDAN extends 3 months moratorium to OLOP beneficiaries to one year

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By Ese Awhotu

The Director General of the Small and Medium Enterprises Development Agency of Nigeria, SMEDAN Dr Dikko Umaru Radda has revealed that the Agency has once again extended the Moratorium it granted to the One Local Government One Product, [OLOP] beneficiaries from three months to one year. With effect from April this year.
A press statement from the Corporate Affairs Unit of the Agency quoted the Director General as saying that, conscious of the fact that the MSMEs are critical to the sustenance of the nation’s economy, the Agency at the beginning of the year granted OLOP beneficiaries a 3 months Moratorium extension on their repayments.
Dr.Radda however stressed that after studying the current trends regarding the global pandemic as it has affected the country, management have agreed to further extend the Moratorium to one year with effect from April this year.
He however urged participating Micro Finance Banks MFBS to take note for compliance.
Similarly Dr.Radda appealed to MSMEs in the country to avail themselves of the CBN-N50 Billion Naira Covid 19 Fund for Households and SMEs.
He said the CBN has waived some requirements meant for obtaining the loan,as such MSMEs should capitalise on the waiver and access the loan.

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