LAPO disburses N19. 97bn credit facility to MSMEs in 2021

The Lift Above Poverty Organisation (LAPO), says it disbursed N19.97 billion loans to 183,000 Micro Small and Medium Scale Enterprises (MSMEs), through the LAPO Rural Development Initiative (LARDI) in 2021.

Dr Ayobami Obadiora, the Executive Director, LAPO, made this known during the organisation’s 2022 Annual Media Forum held in Benin on Friday.

Obadiora said that the amount disbursed represented 64 per cent growth when compared with the sum of N12.2 billion credit facility disbursed in 2020.

He attributed the increase in disbursement volume recorded in 2021 to increased business activities which picked up after the COVID-19 lockdown in 2020.

“LARDI is an Initiative of LAPO, a Non-Governmental Organisation (NGO). It empowers active clients with a range of loan products including farming and enterprise development services.”

“Our Loan Portfolio increased from N7.14 billion recorded in 2020 to N9.64 billion in the year 2021, representing 35 per cent increment.”

“Total number of branches increased from 253 to 283, while saving mobilisation increased from N2.42 billion to N3.59 billion in the period under review.”

“The organisation recorded improved performance in the year 2021 when compared to year 2020,” he said.

According to him, the organisation presently has 226,858 clients spread across 283 branches in 21 states of the country.