Grassroot Vanguard over the weekend commended the Governor of Bayelsa State, Hon. Henry Seriake Dickson, for launching a N50 million revolving loan scheme for market traders in the state. The commendation came through the NGOâ€™s state coordinator, Chief Olalibo Osain Ibokolo, who describiedthe Gorvernor as a visionary leader.
During a visit to the markets, Governor Dickson, who presented an instrument for N20m to the Swali and N5m to the Kpansia market Traders Associations, explained that, it was a revolving loan scheme to help them improve their businesses, as well as boost the Stateâ€™s economy. The amount is part of an initial N50 million micro finance revolving loan scheme for market traders, the Governor is also expected to visit other markets later to disburse the remaining sum of N25 million.
The Governor urged the leaders of the market associations to liaise with the State owned Izon Ibe Micro Finance bank, which will guide them in administering and facilitating the process to the benefit of their members. He disclosed that due to the importance the government attaches to the welfare of traders, it intends to open outlets of the Izon Ibe Micro-Finance Bank Limited in the various markets to render banking services and support indigenous businessmen and women.
According to the Governor, â€œthe office of the Commissioner of Trade, Industry and Investment is open to all traders in the market to give you support in your businesses. Soon the Izon Micro-finance Bank Limited will soon be launched and a branch will be built within the market premises.
While commending the Governor, Mr Ibokolo said that the launching of the scheme is geared towards empowering traders at the grassroots as well as boosting the local economy in the state and urged beneficiaries to make judicious use of the fund. According to him, â€œA revolving loan is a financial measure primarily used development and expansion small scale business particularly for those who have no credit history or other types of loans from financial institutions. You are therefore required to pay back in order to create the opportunity for others to benefit as well. I want traders to take advantage of the loan provided by the Restoration Government under the able leadership of Hon. Henry Seriake Dickson, as he has promised to do more if the loan is properly utilised by the market traders in the state, I believe the time for empowerment has come.â€
Source: Daily Times NG, 7th April 2015