The Market for Development Projects in conjunction with the Bank of Agriculture has concluded arrangements to disburse N10.4m loan to 70 leather product manufacturers in Aba, the commercial hub of Abia State.
The loan, which is expected to be repaid within 11 months at 12 per cent interest rate, is intended to boast local production of leather products in the state.
Speaking at a town hall meeting in Aba, on Wednesday, the Executive Director, Wholesale Finance, BOA, Mr. Babatunde Igun, said the loan must be repaid on time to enable the bank to recoup its fund and also extend the facility to others.
Igun urged the beneficiaries to exploit the funds to improve their business, create jobs and contribute to the gross domestic product of the country.
A Senior Intervention Manager of MADE, Abimbola Adeyinka, said the programme was aimed at increasing the incomes of 150,000 poor people in the Niger Delta region through improvement in key market sectors.
Adeyinka also said that the programme would raise the income of the beneficiaries by 50 per cent by September, 2018, adding that 50 per cent of the beneficiaries would be women.
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