Bayelsa Gov Unveils N740m Interest-Free Loan for Young Entrepreneurs
In a bid to empower young entrepreneurs and drive economic growth in the state, the Governor of Bayelsa State, Senator Douye Diri, has approved an interest-free loan of N740 million for two innovative young business owners.
The loan, which is part of the Bayelsa E-Commerce Entrepreneurship Programme, aims to support the growth of local commerce and promote self-reliance among young people in the state.
During the launch of the programme, which was held in Yenagoa, Governor Diri was impressed by the visual presentations of the two beneficiaries, Mrs. Tare Korumene, CEO of ECO FIP Nigeria Limited, and Winsome Dan-Adere. Korumene’s company, which produces hair extensions under the brand “Bayelsa Dunaly Hair”, uses organic materials from plantain stems, while Dan-Adere’s company recycles plastic wastes to produce interlocked blocks.
The governor approved the sum of N240 million for Korumene and N500 million for Dan-Adere, citing their innovative approaches to entrepreneurship and their potential to create jobs and contribute to the state’s economy.
The loan will be facilitated through Premium Trust Bank, with the Commissioner for Finance working out the modalities of the credit facility.
Speaking to 500 young participants at the event, Governor Diri emphasized the importance of supporting young entrepreneurs and promoting local commerce.
He noted that the programme would be held annually and would serve as a motivation to young business owners in the state to be self-reliant and create jobs. The governor also announced that the government would partner with the National Information Technology Development Agency to enable Bayelsa entrepreneurs to engage in online trading of their goods and services.
The Bayelsa E-Commerce Entrepreneurship Programme is part of the state government’s efforts to diversify the economy and reduce dependence on oil revenue. By supporting young entrepreneurs and promoting local commerce, the government aims to create a thriving economy that benefits all citizens.
The programme is also expected to contribute significantly to wealth creation, reduce poverty, and promote economic growth in the state.
The interest-free loan is a significant incentive for young entrepreneurs in Bayelsa, as it will enable them to access capital without the burden of interest payments.
This is expected to encourage more young people to venture into entrepreneurship and create jobs, thereby reducing unemployment and promoting economic growth in the state.
The partnership with the National Information Technology Development Agency will also provide Bayelsa entrepreneurs with the opportunity to showcase their products and services to a global audience, thereby increasing their market reach and potential for growth.
This is in line with the theme of the programme, “Made in Bayelsa, Sold To The World: Driving Prosperity Through Local Commerce”, which emphasizes the importance of promoting local products and services to a global market.
Overall, the Bayelsa E-Commerce Entrepreneurship Programme is a significant initiative that has the potential to transform the economy of the state and promote economic growth and development.
By supporting young entrepreneurs and promoting local commerce, the government is taking a crucial step towards creating a thriving economy that benefits all citizens.
