In a bid to bolster small-scale enterprises in Ekiti state, the National Directorate of Employment (NDE) has disbursed business loans of N100,000 each to eligible beneficiaries.
The disbursement ceremony, held in Ado-Ekiti, the state capital, was graced by the presence of the Director General of NDE, Abubakar Nuhu Fikpo.
Basic Business Training Scheme Facilitating Economic Empowerment
During the ceremony, the Director General highlighted that the beneficiaries had undergone training under the Basic Business Training Scheme, a flagship program of the NDE.
Represented by the state coordinator of NDE, Sanusi Akeem, the DG emphasized the agency’s unwavering commitment to creating job opportunities for youths across the nation.
Addressing Poverty and Youth Restiveness Through Financial Independence
Mr. Fikpo underscored the crucial role of deliberate efforts in exposing unemployed youths to opportunities that promote financial independence.
He emphasized that combating poverty and youth restiveness requires proactive measures aimed at empowering individuals economically.
The disbursement of business loans serves as a tangible step towards achieving this goal.
Empowering Micro Business Owners for Economic Development
The DG reiterated that the loan scheme was tailored to enhance the operational capacity of micro business owners and boost their incomes. Each beneficiary received a sum of One Hundred Thousand Naira (N100,000) to inject into their businesses.
The primary objective is to augment the growth and sustainability of their enterprises, thereby contributing to overall economic development.
Encouragement and Loan Terms
Addressing the beneficiaries, Mr. Fikpo extended congratulations and urged them to utilize the funds judiciously to expand their ventures.
He expressed confidence in the recipients’ dedication and diligence, anticipating timely loan repayments to facilitate future opportunities for other aspiring entrepreneurs.
Furthermore, the loan terms were outlined, with a 9% interest rate and a three-month moratorium period.
Beneficiaries are expected to repay the loan within one year, ensuring the continuity of the program and its benefits to the wider community.
The DUG said, ” Each of the beneficiaries is being given One Hundred Thousand Naira (#100,000) loan to enhance their various businesses.
“The main objective of this scheme is to enhance the operational capacity of the beneficiaries’ existing enterprise and in turn improve their earnings.
“As I congratulate the beneficiaries of today, I equally encourage you to make good use of this opportunity by investing the money into your businesses.
“We are of no doubt that your commitment and diligence will facilitate the repayment of the loan which will definitely allow other people from the State to benefit from such a good gesture from the Federal Government.
“Please be aware that the loan attracts 9% interest with a moratorium period 3months. You are also expected to repay this loan within one year.”
Acknowledgment and Gratitude
In closing, the DG commended the state government and other stakeholders for their support in combating poverty through impactful job creation initiatives
The DG said, ”on this daunting but noble task of combating poverty in the State and in Nigeria as a whole through the implementation of effective and impactful job creation programmes.”
The collaboration between government entities and stakeholders underscores a collective commitment to fostering socio-economic growth and prosperity in Ekiti state and Nigeria at large.
