Whoa!! Gov. Ambode Gives N1Bn To 705 Entrepreneurs (Photos)

Lagos state Governor Akinwunmi Ambode on Thursday gave out cheques of varying sums to 705 entrepreneurs – the first set of beneficiaries under the Lagos State Employment Trust Fund (ETF) scheme, as each of the 705 entrepreneurs received sums ranging from N50,000 to N5 million, all amounting to about N1 billion.

The sums were given out as loans to be repaid over a given period of time with five percent interest, a rate significantly lower than that obtainable at commercial banks.

According to the governor, the scheme was designed as a response to the challenge of unemployment in the state which has an increasing population of young people.

Ambode said;

“This is our modest way of reflating the Lagos economy, creating jobs and getting our youths gainfully employed,”

The governor charged the entrepreneurs identified benefitting from the pilot scheme to utilise the funds responsibly to grow their businesses, create jobs for the unemployed youths and contribute to the growth of the Lagos economy and also urged all young residents of the state regardless of tribe and gender to apply for loans under the empowerment scheme.

The Lagos state governor was equally quoted by Vanguard to have said;

“We have kept our word. We created a dedicated Ministry of Wealth Creation and Employment, whose mission is to promote and sustain entrepreneurship and employment.”

Ambode also commended the Board and Management of the Fund for embarking on a comprehensive review of the business environment and developing a strategic framework and operating guidelines to ensure the sustainable and successful management of the fund.

[embed]https://twitter.com/AkinwunmiAmbode/status/824580272528228352[/embed]