The Small and Medium Enterprises Development Agency of Nigeria SMEDAN has granted a three months Moratorium extension to the beneficiaries of its flagship programme, the One Local Government One Product OLOP.
A statement from the Corporate Affairs Unit of the Agency, quoted the Director General of SMEDAN, Dr. Dikko Umaru Radda as saying that the three months moratorium extension on repayments will take effect from April 2020.
Dr Radda noted that it was a management decision taken in view of the COVID 19 Pandemic and the recent Presidential relief Packages for Micro enterprises in the country.
‘’Let me use this opportunity to implore relevant participants of the Micro finance Banks to ensure strict compliance’’
Dr.Radda, said the One Local Government One Product OLOP, programme was adopted from world-famous One Village One Product (OVOP) Movement, first implemented in Japan’s Oita Prefecture in 1979.
As a regional economic development model, it mobilizes local people to translate naturally- available resources of rural communities into value-added economic activities, products or services.
According to the statement, OLOP emphasizes botom-top development approach and the expected value addition is achieved through modern production technologies, quality control through relevant licenses and product branding for domestic and foreign market.
“SMEDAN vision is to cover the 774 local government areas of the country under its OLOP programme, so far the agency has covered 218 local governments areas with the support of the federal government.