In order to mitigate the negative impact of the COVID-19 pandemic, Lagos State Government has partnered with Firstbank to launch a N5b support capital for low-cost schools which will be given as a loan to over 2,000 private schools and vocational education centers across the state.
Speaking at the launch which took place at the Banquet Hall in the State House, Alausa, Governor of Lagos State, Babajide Sanwo-Olu said:
“It is no longer debatable that the education is one of the sectors that are severely impacted by the COVID-19 pandemic, with schools and vocational learning-centres shut since March when we took the tough decisions meant to disrupt the spread of the virus.
“Given the incidence of the closure of schools in response to the pandemic, it would not be out of context to note that the challenges presently faced by these schools would increase significantly.
“With access to low-cost funding for privately owned schools and vocational training centres in the state, we are confident that this programme will help accelerate sustainable and painless return to world-class learning and skills acquisition of our young population.
“As a responsible government, we are obligated to provide an intervention that would enable learners in these schools’ study in line with the new normal,”
“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,”
However, speaking on the criteria for the beneficiaries, Mrs. Bola Adesola, Chairperson, LSETF Board of Trustees, stated that schools that have a minimum of a 100 students and have been in operation, atleast for a year are the ones qualified for the loan facility.
“We are confident that this intervention fund, which is complemented by our free professional and institutional support structures, will ensure that education ecosystem in Lagos witness an improvement in the overall learning outcomes for the children, while positively impacting on the local economy through wealth and job creation.”