Gov: ‘Intervention To Help Mitigate Effect Of Lockdown’
LSETF, First Bank Float Education Loan Programme
Lagos State Government in partnership with First Bank of Nigeria Ltd has launched a N5 billion Post-Coronavirus (COVID-19) Recovery Support capital for the education sector to support low-cost private schools across the state in mitigating the negative impact of the pandemic.
The intervention fund, which targets over 2,000 private schools, was formally launched by Governor Babajide Sanwo-Olu on Friday at a ceremony held at the Banquet Hall in the State House, Alausa.
Lagos State Employment Trust Fund (LSETF) collaborated with First Bank of Nigeria Limited to facilitate the matching fund, which will be given as loan to schools and vocational education centres across the State.
Sanwo-Olu said the intervention was part of the State Government’s sustainable solutions to limit the socio-economic impact of the COVID-19 pandemic on both residents and businesses.
As the State gradually unlocks socio-economic activities, following the impact of the pandemic, the Governor said the loan programme would help the targeted beneficiaries accelerate recovery and give them the opportunity of a painless return to regular life.
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He said:“It is no longer debatable that 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 the intervention that would enable learners in these schools’ study in line with the new normal.”
Sanwo-Olu 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 in building human capital. He said his administration took education as critical in building a 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.”
Chairperson, LSETF Board of Trustees, Mrs Bola Adesola, represented by Mrs. Tatiana Mousali-Nouri, said schools that have a minimum of 100 students and have been in operation for, at least, a year are the ones qualified for the loan facility.
She said:“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 witnessed an improvement in the overall learning outcomes for the children, while positively impacting on the local economy through wealth and job creation.”
First Bank’s Chief Executive Officer, Dr Adesola Adeduntan, said the Bank went into the partnership, having recognised the role played by education towards the growth of the economy.
He praised the State Government’s efforts towards suppressing the burden caused by the COVID-19 pandemic on the education, saying Lagos Government had scored another first.
Adeduntan said: “With the single-digit funding targeted at about 2,000 low-cost private schools in Lagos, we are delighted to demonstrate our commitment to the development of education in the State, thereby contributing our quota to realise the mandate of the State Government and LSETF on economic growth, opportunities for employment and bridging societal gaps in education.”
The loan scheme will be provided to two categories of applicants, which are Micro-Enterprise (ME) and Small and Medium Enterprise (SME). Those in ME category will receive a sum of not more than N500,000, while those in SME will get N5,000,000.
To apply for the loan facility, applicants are expected to submit their applications via the LSETF portal for screening. Details of the successful applicants will be passed on to First Bank for appraisal and disbursement.
SHANGHAI, CHINA - Media OutReach - 22 January 2021 - Global advertising technology leader, The Trade Desk, today announced the appointment of Benson Ho as Senior Vice President of North Asia. In this role, Ho will lead the company's business and growth strategy in the North Asia region, covering Greater China, South Korea and Japan. Ho will report to Tim Sims, Chief Revenue Officer.
Ho brings vast leadership experience in the Asian media industry, most recently as Chief Data Strategy Officer at Tencent Marketing Solution, an important early inventory partner of The Trade Desk in China. Prior to that, he served as Amnet's chief consultant and programmatic expert to Dentsu Aegis Network. He has also served in senior leadership positions at Sizmek, GroupM and Digitas.
"One of The Trade Desk's biggest priorities is Asia, and with Benson joining our team, we're confident he will help accelerate our growth strategy in the region," said Tim Sims, Chief Revenue Officer, The Trade Desk. "Benson brings experience and expertise of data-driven advertising, as well as his invaluable relationships with key partners and advertisers, that are specific and unique to the Asian market. I look forward to partnering with Benson as we execute our next phase of growth in the region."
"I am delighted to join The Trade Desk and build on the success the company has had in North Asia," said Ho. "The advertising industry is at a turning point right now, and there's enormous opportunity for brands to leverage global best practices and connect with consumers in new ways. It's very exciting to be a part of the team that's delivering a unique solution and expertise to global advertisers in the region."
About The Trade Desk
The Trade Desk™ is a technology company that empowers buyers of advertising. Through its self-service, cloud-based platform, ad buyers can create, manage, and optimize digital advertising campaigns across ad formats and devices. Integrations with major data, inventory, and publisher partners ensure maximum reach and decisioning capabilities, and enterprise APIs enable custom development on top of the platform. Headquartered in Ventura, CA, The Trade Desk has offices across North America, Europe, and Asia Pacific. To learn more, visit thetradedesk.com or follow us on Facebook, Twitter, and LinkedIn.
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