Governor Eno allocates N1.5b interest-free loans to traders

The Akwa Ibom has introduced a pioneering interest-free revolving loan scheme totaling 1.5 billion naira, accessible to all traders across the region. The scheme, dubbed ARISE Free Food, aims to address the financial burdens faced by traders, particularly in the wake of market fluctuations.

Governor Umo Eno unveiled this initiative during the launch of a food security program targeted at the most vulnerable demographics at Itam Market, located in the Itu local government area. Emphasizing his administration’s dedication to uplifting marginalized communities, the Governor highlighted the necessity of policies aimed at elevating individuals from impoverished circumstances.

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Under this scheme, 500 million naira has been allocated to traders in each of the three senatorial districts within the state, facilitated by the appointment of Senior Special Assistants and Special Assistants on Traders Matters to oversee implementation and ensure accountability. The funds will be disbursed through the state-owned Ibom Fadama Micro Finance Bank, requiring traders to establish accounts with the bank to access the credit facilities.

Furthermore, to enhance transparency and efficiency, the Governor announced plans to establish an Agriculture Committee tasked with monitoring and evaluating program implementation statewide. The initiative aims to not only provide financial relief but also to stimulate agricultural productivity, thereby stabilizing food prices and bolstering local economies.

Governor Eno emphasized the importance of sustainability, urging all stakeholders to prioritize agricultural endeavors. To complement the loan scheme, the Bulk Purchase Agency will facilitate the purchase of crops from local farmers at favorable rates, encouraging increased agricultural participation.

Additionally, responding to the pressing needs of traders, the Governor sanctioned immediate infrastructural improvements at Itam Market, including internal roads, drainage systems, water supply, toilet facilities, and street lighting. However, he cautioned against street trading once these amenities are in place, underscoring the importance of adhering to market regulations.

The unveiling ceremony witnessed the distribution of food vouchers to vulnerable individuals, symbolizing the commencement of the intervention program. Acknowledging the Governor’s initiative, stakeholders pledged their commitment to ensuring the success of the scheme, recognizing its potential to alleviate economic hardships and foster sustainable development. As the program gains momentum, similar launches are slated across other local government areas in the coming days.