The chairman of Ojodu Local Council Development Area, David Odunmbaku, has pledged to offset nine per cent interest on loans for farmers and small business owners.
Mr Odunmbaku partnered with the Lagos State Employment Trust Fund to launch the interest-free loan initiative in Lagos on Thursday.
The scheme covers loans ranging from N50,000 to N5 million, with the council chairman undertaking to pay the nine per cent interest on behalf of beneficiaries.
Mr Odunmbaku, represented by the council’s special adviser on agriculture, Omolade Omolabi, said the initiative would strengthen businesses and agricultural productivity.
He explained that the programme aligned with the council’s health, education, youth and women empowerment, social and infrastructure agendas.
According to him, the initiative aims to support farmers and entrepreneurs, create employment opportunities, and stimulate economic growth across the council area.
“The scheme is designed to empower our people, strengthen businesses, create jobs and promote sustainable economic development within Ojodu LCDA,” he said.
The head of the Department of Agriculture, Ojodu LCDA, Bola Faleke, assured residents that eligible applicants would enjoy seamless access to the facility.
Ms Faleke urged intending beneficiaries to meet all application requirements and utilise the opportunity to expand their agricultural and business ventures.
The head of government relations and stakeholders management at the Lagos State Employment Trust Fund, Segun Ayodele, highlighted the programme’s economic significance.
Mr Ayodele said the initiative was designed to ease financial pressures facing small-scale entrepreneurs by eliminating interest costs on approved loans.
He explained that applicants must reside within Ojodu LCDA and provide their bank verification number, passport photographs, LASSRA identification card and tax identification number.
Mr Ayodele praised Mr Odunmbaku’s commitment to residents’ welfare, describing the chairman’s decision to cover the loan interest as exemplary leadership.
“Odunmbaku’s willingness to pay off the interest on these loans clearly shows his dedication to improving the livelihoods of Ojodu residents,” he said.
Residents attending the launch welcomed the initiative, describing it as timely, practical and capable of transforming businesses across the council area.
They expressed confidence that access to interest-free loans would expand their enterprises, improve household incomes and strengthen economic stability within the community.
(NAN)
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