Categories: Business

42 youths in Bayelsa get N100,000 FG loan each

former Anambra State Governor, Dr. Chris Ngige

The National Directorate of Employment (NDE) has disbursed N100,000 loan each to 42 youths in Bayelsa State to embark on sustainable agricultural development.

Speaking during the inauguration on Friday in Yenagoa, the Director-General of NDE, Abubakar Fikpo, commended the beneficiaries for their determination drive throughout the training which lasted for four months.

The News Agency of Nigeria (NAN) reports that Fikpo was represented by Mr Aham Osuchuckwu, the Bayelsa State Coordinator of the NDE.

According to him, the beneficiaries will be granted a soft loan of N100,000 each at an interest rate of nine per cent under the 50 per cent capital budget released for the 2022 financial year.

He said that the beneficiaries cut across the eight local government areas of Bayelsa and the training accommodated every stratum of persons in the society.

“The SADTS gave rise to four employment creation schemes of Agricultural Enhancement Scheme (AES) seven persons benefited while Graduate Agricultural Empowerment Scheme (GAES) 11 persons benefited.

“Sustainable Agricultural Development Empowerment Scheme (SADES), 15 people benefited and Community Based Agricultural Empowerment Scheme (CBAES) nine persons benefited,” he said.

Fikpo said the objective of the inauguration was to orientate the beneficiaries to make efficient and effective investments of loan packages in the various spheres of agriculture and its value chain.

He explained that this was part of the Federal Government’s effort at curbing unemployment prevalent in society and enhancing wealth creation and its multiplier effects.

On his part, the Director, Rural Employment Promotion, represented by Mr Sylvester Ekemhonye, informed the beneficiaries that in support of the cashless policy of the Federal Government and engendering banking culture into them, the loan would be transferred into their various bank accounts.

He congratulated them for being the first set of beneficiaries of the laudable initiative of the government. (NAN)