Rivers to raise N15bn loanable fund to entrepreneurs – Amaechi

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PORT HARCOURT- Rivers Government is raise N15 billion through the establishment of Equity provide loans for entrepreneurs in the State.

Gov. of Rivers disclosed this at the Rivers Entrepreneurs and Investment Forum in Port Harcourt .

Amaechi, represented by Mr Chima Chinye, the State Commissioner for commerce and Industry, said the State Government would contribute N5billion the every year for three years.

He said the would be given out as loans to the entrepreneurs in the state to enable them to invest in their businesses.

According to him, almost all state government businesses/enterprises had collapsed, stressing government had no business in running businesses.

He said it was the responsibility of government to fix the infrastructure, create business-friendly environment and tax policies.

“Government has no business running business. is why it sold Presidential Hotel and looking for who will buy Hotel in Port Harcourt.


“’The government is expected to put the infrastructure ground for the private sector’’, Amaechi said.

He explained there was “value change’’ in the state and said the people should ‘tap’ into the change.

Mr Chika Onuegbu, Chairman of Trade Union Congress of (TUC), Rivers chapter, said the states’ revenue allocation from Account had dropped in recent times, “an experience shared by other states.’’

Onuegbu blamed the development oil confronting the nation and said the Federal Government’s Internally Generated Revenue (IGR) had also declined because of this development.

He urged the Federal Government to work harder to protect its sources of revenue as a critical source of development .

In his keynote address, Goodluck Jonathan said that “social stability was economic stability.’’

Jonathan, represented by Mr Sampson Ngerebara, Managing Director, Intedeco   Limited, a Port Harcourt based company, said favourable policies and friendly environment were critical to business enterprises.

He said the private sector remained the leader of the business sector.

.According to him, resource was the factor in entrepreneurship while the role of government was to encourage investors. (NAN)