Nigeria’s Oil- Producing Rivers State to Disburse N200m Interest Free Loans to Traders, Young Entrepreneurs

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The government of Rivers State has commenced the disbursement of 200 million naira per month interest-free loans to traders.

A total of 397 traders benefited from the first phase while the second is expected to start in the second week of next month. Those to benefit from the loan, which is meant for beneficiaries to improve their respective businesses, are drawn from the 23 local government areas of the state.

The state Commissioner for Special Duties and Chairman of the Committee on Entrepreneurs Interest-Free Loans, Hon Emeka Onowu, said the loans would be disbursed monthly to the traders and young entrepreneurs for them to carry out operations in their small and medium-sized enterprises.

Onowu noted that despite the economic recession in Nigeria, the state government graciously released the first tranche of the loan. He said the loan would go a long way to boost the morale and improve the businesses of the traders.

He enjoined beneficiaries to invest the money wisely and ensure it is not used for frivolities.

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