The Chairman of Ikorodu Local Government Area, Wasiu Adesina, has announced plans to collaborate with the Lagos State Employment Trust Fund (LSETF) to introduce a N30 million soft loan initiative aimed at supporting farmers and traders in the area.
Adesina made this commitment on Monday during the flag-off ceremony for the construction of a 1,642-meter two-sided drainage system from Ita-Elewa to Itunmoja in Ikorodu. The project is expected to be completed within six months.
He emphasized that the partnership with LSETF would significantly enhance food production, businesses, and investments in Ikorodu.
Adesina also mentioned that the initiative would broaden traders’ access to soft loans, fostering economic growth and development.
“We are going to work with LSETF and banks to roll out the soft loans. The arrangement is already in the pipeline,” Adesina stated.
“The funds will be distributed to farmers, market men, and women to boost their trading activities. The bank will screen eligible recipients, and repayment will commence three weeks after disbursement with a low interest rate, which will be subsidized by the local government.”
He further noted that the loan would serve as a stimulus package to support enterprising youths and women within the Ikorodu community.