FG disburses N10.8m loan to 108 unemployed Imo youths
The National Directorate of Employment (NDE) says the Federal Government has released N10.8million as an empowerment loan to 108 unemployed persons in Imo.
The Director-General of the agency, Abubakar Nuhu-Fikpo, said this on Friday at an orientation ceremony organised for the beneficiaries of the facility in Owerri.
Nuhu-Fikpo, represented by the NDE Coordinator in Imo, Mrs Ngozi Iheanacho, said the loans were to help the beneficiaries start-up agro projects, improve their socio-economic status, reduce poverty, create wealth and boost their leadership skills.
He said the programme, organised by the NDE’s Rural Employment Promotion (REP) Department, was aimed at educating the beneficiaries on how to make effective and efficient use of the fund.
The NDE boss further said the loan was being disbursed under the Sustainable Agricultural Development Employment Scheme and the Community Based Agricultural Employment Scheme.
He also said the facility was being disbursed through the Agricultural Enhancement Scheme and Graduate Agricultural Empowerment Scheme.
He said: “108 beneficiaries from each of the 36 states and the Federal Capital Territory, Abuja, have each received N100,000.
“The loan is repayable in three years, with a nine per cent interest rate.
“This is part of the government’s commitment to job creation and poverty reduction.
“We expect the beneficiaries to invest wisely in order to be able to pay back in 36 months.”
Also, REP’s Deputy Director, Mr Duke Edem, advised the beneficiaries to make judicious use of the loan.
According to him, healthy investments would make the beneficiaries self-reliant and in the long run, transform them into employers of labour.
“Beneficiaries will decide which agricultural project they want to invest in.
“There are opportunities in the agribusiness chain, ranging from processing to marketing and consumption,” Edem said.
One of the beneficiaries, Mrs Blessing Okoro from Owerri West Local Government Area, thanked NDE for the gesture.
Okoro said, “With this facility, my dream of becoming an employer of labour is finally becoming true.”