In a continued effort to support market traders and boost economic activities in Ikorodu, Hon. Ogunleye Gbolahan Adetokunbo, Member of the Lagos State House of Assembly Constituency 1, has disbursed an additional N5 million to support traders in Ikorodu North LCDA, on Wednesday, 10th of September, bringing the total amount to N10 million under his interest-free loan program.

This initiative aims to empower traders with financial assistance to expand their businesses and contribute to the overall economic growth of the community.

According to Hon. Keyinde Ayanbadejo, representative of Hon. Ogunleye Gbolahan Adetokunbo, the program is expected to have a positive impact on the traders and the community, with potential for further expansion. An arrangement has already been made with a bank to facilitate the loan program.

As of the first month, the bank reported that about 130 traders had benefited from the program, with more expected to be added in the coming months. The goal is to reach a significant number of traders in Ikorodu by the end of the year.

Hon. Ayanbadejo emphasized that the loan program is designed to benefit traders in all markets in Ikorodu Constituency 1. The disbursement of the loan will be based on demand, and the management of the loan program will be left to the bank. The lawmaker highlighted the multiplier effect of the loan program, where beneficiaries who return the loan will not only have the opportunity to access further funding but also allow other traders to benefit from the program. This, he said, will create a positive impact on the community and promote economic growth.

Chief Mrs. Busola Isikalu, Iya Oloja General, Ikorodu Division praised the lawmaker for his initiative, noting that it has been a game-changer for market women and men, saving them from the burden of loan sharks.

Otunba Olasunkanmi Tijani urged the market women to utilize the loan for its intended purpose, while Alhaji Animashaun, APC Chairman Ikorodu Central, commended Hon. Ogunleye Gbolahan for demonstrating his love for the market community. He, however, clarified that while the loan is interest-free, it is not free of charge, implying that repayment is expected.

Iya Oloja North, Mrs. Kudirat Tibogbo, also expressed appreciation on behalf of market women in Ikorodu North LCDA, promising that they would use the loan judiciously. “We appreciate our Honourable for this huge opportunity he gave us in Ikorodu North LCDA, and we are using this opportunity to promise we will use it judiciously,” she said.