Local government chairman plans N30m loan for farmers
The Chairman of Ikorodu Local Government Area, Wasiu Adesina, has promised to partner with the Lagos State Employment Trust Fund to roll out a N30m soft loan to farmers and traders in the state.
Adesina made the promise during the flag-off of 1,642 metres two-side drainage construction at Ita-Elewa to Itunmoja, Ikorodu, on Monday.
The News Agency of Nigeria reports that the project is scheduled to be completed within six months.
The LG chairman said the partnership would help to enhance food production, businesses and investments in the area.
He added that it would expand the scope of traders’ access to soft loans for economic growth and development.
“We are going to work with the LSETF and banks to roll out the soft loans, arrangement is on the pipeline.
“The money will be disbursed to farmers, market men and women to boost their trading.
“The bank will screen the eligible ones while repayment will start after three weeks with low interest, which will be paid by the local government,” he said.
Adesina said the loan would act as a stimulus package to support some enterprising youths and women in the Ikorodu community.
