FG Commence Disbursement of Soft Loans to Traders

FG Commence Disbursement of soft loans to Traders

The National Directorate of Employment (NDE) has initiated the distribution of soft loans to small-scale traders, particularly young individuals and women in Akwa Ibom state.

During the orientation and loan disbursement event, the state coordinator of NDE, Obegolu Obiora, announced that the loans would need to be repaid after a three-month moratorium period to enable others to benefit from the program.

Under the Micro Enterprise Enhancement Scheme (MEES), a sum of N1,480,000 will be distributed among 74 recipients, with each beneficiary receiving N20,000.

Obiora expressed his appreciation for the federal government’s initiative, emphasizing that the funds were exclusively provided to those already engaged in business activities. This financial support aims to strengthen their cash flow, leading to business growth and the creation of employment opportunities.

He further conveyed the commitment of the NDE’s director-general, Abubakar Fikpo, to continuously implement empowering programs that contribute to the nation’s employment statistics.

“The director-general has affirmed the organization’s dedication to its mission by executing empowerment programs focused on job creation, wealth generation, and capacity building for unemployed individuals,” Obiora stated.

“This endeavor will bolster the economy by providing access to financial resources for small traders and other owners of micro-enterprises. It will also enhance the operational capabilities of existing micro-business owners, enabling them to expand their ventures and increase their earnings.”

Obiora announced that 74 young individuals and women would each receive N20,000, totaling N1,480,000. He urged them to utilize the funds wisely to expand their businesses.

Abasifreke Handson, one of the beneficiaries, expressed gratitude to the federal government for the loan, stating that it would greatly contribute to the growth of her perfume and bag-making business.

Kenneth Bassey, another beneficiary, praised the NDE and the federal government for their commendable efforts in addressing unemployment in the country.