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Tuesday,
September 29, 2020 / 05:45 PM / By First Bank / Header Image Credit: First
Bank
First Bank of Nigeria
Limited, Nigeria's premier and leading financial inclusion services provider,
has announced its partnership with Lagos State Employment Trust Fund (LSETF) in
a matching fund scheme. The scheme aims
to cushion the impact of COVID-19 pandemic on low-cost private schools by
ensuring lending at an attractive interest rate.
The programme will provide access to finance where participating schools
can each be availed up to N5 million as well as capacity development, business
and financial advisory. There will be monitoring and evaluation to ensure
prompt loan repayment.
To enjoy this funding opportunity, applications will be submitted via
the LSETF portal for screening while successful applicants will be passed on to
FirstBank for the loan appraisal and disbursement process. The loan is meant
for working capital and asset finance to enable schools resuscitate their
practice, acquire needed materials, upgrade their facilities, as well as pay
staff salaries in order to bounce back, especially after the lockdown.
This scheme promotes entrepreneurship in Lagos State which is in tandem
with the vision of LSETF to create employment and entrepreneurship
opportunities for Lagos residents. It has provisions for Micro Enterprises (ME)
and Small and Medium Enterprises (SMEs) across all the 57 LCDAs in the 20 LGAs
in Lagos State.
Sanwo-Olu, the Executive Governor of
Lagos State said the N5 billion Education Loan Programme was a precursor
to many more human development sector-specific support programmes that would be
unveiled by the LSETF on behalf of the State Government next month.
The Governor explained that the
intervention was necessary, given the importance of education to building human
capital. He said his administration took education as critical building 21st
century economy and realising objectives set out in the T.H.E.M.E.S. agenda.
The beneficiaries, Sanwo-Olu said, will
have access to single-digit loan facilities to fund the provision of the
amenities and services needed to aid learning.
He said: "It is thus heart-warming to
have First Bank of Nigeria electing to be our exemplary partner for this
intervention. With their support, players in the education sector would be
getting the financial support they need to boost learning at a single-digit
interest rate.
"I also commend the Board of LSETF and
the management for this significant accomplishment. They have helped the Lagos
State Government build an institution that has engendered public trust and
elevated the hope of small businesses and young people, irrespective of
challenges faced."
According
to Dr. Adesola Adeduntan, Chief Executive Officer, First Bank of Nigeria
Limited, "at FirstBank we recognise the indelible role played by the education
sector in the growth of any economy and this underscores our partnership with
Lagos State Government for continuous development of the education services in
Lagos State and the nation as a whole. The commitment by the Lagos State
Government - including this partnership - to enable schools is quite
commendable as this will mitigate the challenges caused by the lockdown on the
education sector following the COVID-19 pandemic."
"With the
single-digit funding targeted at about 2,000 low-cost private schools in the
State, we are delighted at this opportunity to demonstrate our commitment to
the development of education in Lagos State, thereby contributing our quota to
further the mandate of the Lagos State Government - in partnership with LSETF - on economic growth, enhanced opportunities for employment and bridging societal
gaps in education," he concluded.
Commenting on the Eduloan programme, Mrs Bola Adesola,
Chairperson, Board of Trustees, Lagos State Employment Trust Fund (LSETF)
stated that; "According to the NESG
the Education Sector remains a growth area for job creation and a report on job
creation by the NBS states that the Education Sector is one of the top 5
sectors that created over 59m jobs in 2019. This fact is buttressed by the data
collected by LSETF in previous loan programmes. The objective of the
LSETF-FirstEdu loan is to create employment, improve the quality of education
for our youth by providing access to affordable finance to low-cost private
schools and vocational training centres.
"We are confident that this
intervention fund, which is complemented by our free professional and
institutional support structures, will ensure that the education ecosystem in
Lagos State will witness an improvement in the overall learning outcomes for
our children, while positively impacting on the Lagos local economy through
wealth and job creation.," she stated.
Only recently, FirstBank partnered with the Lagos State government, Robert & John, IBM and Curious Learning
with a resolve to enable the education of 1 million Nigerian students through
innovative eLearning solutions that will drive sustainable efforts towards
improving education for all. As part of the partnership, the Bank donated
20,000 units of e-learning devices to the Lagos State government.
These partnerships reinforce FirstBank's "You First" brand promise of
putting not just its customers first but the economy of its host communities.
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