1,000 businesses get subsidized loans in Lagos

Eniola Ajayi, Lagos

Lagos State Governor, Mr. Akinwunmi Ambode (middle), with his Deputy, Dr. (Mrs.) Oluranti Adebule (left) and APC Chieftain, Lagos West Senatorial District, Prince Rabiu Oluwa (right) during the 2nd Quarter 2017 Town Hall meeting (7th in the series) to render account of stewardship of Governor Ambode’s administration, at the Oto-Awori Local Council Development Area, Ojo, Lagos, on Friday, April 21.

At least, 1,000 budding businesses in Lagos will benefit from another tranche of subsidized loans to be disbursed by the end of this month.

The loans, when finally approved and disbursed, will bring to 2,000, the total number of businesses that have been assisted under the Employment Trust Fund (ETF) initiative of the Lagos State Government.

Governor Akinwunmi Ambode, while speaking at the 7th Town Hall Meeting in Ojo Local Government Area of the state, said that not less than 1.7 billion naira had so far been approved by the ETF Board to 1,400 businesses, out of which 1.2 billion naira had already been disbursed to 800 people.

Governor Ambode added that the ETF would soon make applications available for skills development available on its website, and urged unemployed youths to take advantage of the process so as to take up existing jobs within the Lagos economy.

“The Employment Trust Fund will continue to fulfill its mandate of providing subsidised loans to all our traders and entrepreneurs… to further serve Lagos residents.

The Fund will soon open the application process for skills development and training to help all our unemployed youths to allow them take up existing jobs within the Lagos economy.

We implore all our youths to visit the Fund’s website or go to the liaison offices in the various local governments to apply for the different programmes; we have more than enough to go round to help them,” he stressed.

The ETF subsidised loans are currently given out at five percent interest rate as government has maintained that the loans would remain at a single digit interest rate.

Jobs for the disabled

Meanwhile, on issues concerning the physically challenged, Governor Ambode has directed that the Civil Service Commission and the Local Government Civil Service Commission should put modalities in place to employ at least 250 physically challenged persons into the State Civil Service.

He also ordered the Chairman of the State’s Sports Commission to offset all arrears of allowances owed the physically challenged athletes in the state before the end of the month.

Governor Ambode said the Government would kick-start the implementation of the Cleaner Lagos Initiative, implement the  construction of 181 roads across the 57 Local Governments and Local Council Development Areas (LGs/LCDAs), complete the Abule-Egba and Ajah flyover bridges and other rad network upgrades in all the three Senatorial Zones.

“Furthermore, initiatives for Tourism will be intensified by commencing Development of Heritage Centre for Leadership (Presidential Lodge), Lagos History Centre, J.K. Randle Centre, Transformation of the Onikan Museum, development of tourism hubs in Lagos-West, Lagos-East, construction of 6 cultural theatres in Alimosho, Badagry, Epe, Ikorodu, Ikeja, Lagos Mainland and continuation of Epe and Badagry Waterfront development as well as other tourist potentials in the area,” he said.