Nice one! Lagos State now has a N25 billion fund that will give loans to entrepreneurs at a ridiculous 1 percent interest rate! Even the much celebrated Central Bank of Nigeria’s N220 billion SME fund comes at a higher interest of 9 percent. Called Employment Trust Fund, Governor Akinwunmi Ambode during his election campaign promised to establish the
financial relief to aid business growth and reduce unemployment.
financial relief to aid business growth and reduce unemployment.
Specific requirements for accessing the fund is yet to be made public but we do know N6.25 billion would be given out yearly culminating in N25 billion across four years. Like President Jonathan’s YouWIN intervention, this fund will also provide enterprise training to beneficiaries.
Former Federal Inland Revenue boss Ifueko Omoigui-Okauru has been named Chairman of the employment fund. I hear she is highly efficient so I’m positive this program would make good impact. Leading social entrepreneur and WeCyclers founder Bilkis Adebiyi-Abiola is a board member of the fund, while ex-Stanbic SME Banking unit head Akintunde Oyebode is executive secretary. They’ve got the right guys! One could assume the APC government seem serious about job creation
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