Monday, 5 December 2016

1.2 Million Nigerians To Get Soft Loan

At least 1.2 million Nigerians will be given
soft loans which attract between two and
three per cent interest rate as part of
efforts to create jobs under government’s
social investment programme.
Mr Laolu Akande, the Senior Special
Assistant to the Vice President on Media
and Publicity, in Abuja on Sunday said that
government was synergizing with its
enterprise agencies and the private sector
to achieve the goal.
He named the agencies as the Small and
Medium Enterprises Development Agency
of Nigeria (SMEDAN), Bank of Industry
(BOI), Bank of Agriculture, the National
Directorate of Employment(NDE), among
“About 1.2 million Nigerians are going to
be given soft loans, may be at two or three
per cent, loans of N20,000 to N50,000,
N100,000, the traders, for people that have
small businesses.
“We are going to be using co-operatives, so
all these groups mentioned will be working
together because we believe small and
medium enterprises are very critical to the
recovery and rejuvenation of the economy.
“So, we are working to design all kind of
intervention financial facilities since we
are not getting the kind of affordable loans
in the main banking sector.
He said that government was using the
intervention funds to release money to
small and medium scale enterprises so that
they can trade with the money at very little
interest rate.
He said that the Federal Government was
hoping to do more for Nigerians using the
intervention fund as part of its social
investment programme.
He said that the SMEDAN, BOI, Bank of
Agriculture, NDE, others had been
harnessed to provide such support.
Akande said that government would
continue to use resources from the agencies
to actively boost social investment
“We are working with these agencies to
have that kind of glory of affordable loan
to 1.2 million Nigerians to do trading of
different kinds,’’ he added.