The Lagos State Government says it will be providing a soft loan of N100m to trainees in the state’s special programmes.
Governor Babatunde Fashola, said this on Saturday during the fifth edition of the Youth Stakeholders Forum, organised by the state’s Ignite Enterprise and Employability Project in partnership with the After School Graduate Development Centre. Fashola said the government, in partnership with the Chair Centre, would provide a soft loan of N110m in total for trainees in the photography, agriculture and beauty enterprises.
The governor said, “The government has realised that some of the trainees under the AGDC programmes do not have money to procure equipment. The Chair Centre, owned by the Chairman of AGDC, Mrs. Ibukun Awosika, has come up with an idea to provide a seed sum of N10m that would be available to 100 trainees at N100, 000 each over a 26 month period.
“So, the government has decided to support the initiative by providing an additional N100m that will be available to 1,000 trainees thus making the seed sum a total of N110m that is available to 1,100 trainees.”
Fashola explained that the funds would be managed through a micro finance bank, urging interested youths to apply for the soft loan and to have a business plan in place.
According to him, as each of the beneficiaries pays back, the loan will be rolled back to accommodate others who have not benefitted and allow the trainees to create a credit history with the financial institution.
Fashola said the AGDC intervention had brought positive developments, adding that for the past five years, Lagos State had remained Polio free because no child had been infected as the immunisation coverage of the state had been very extensive.
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