NDC Senatorial Candidate, Onunkwo Advocates Single Digit Interest Loans for Apprentices to Start Businesses
By Chibuzo Obidike
Chief Sir Ebuka Onunkwo, NDC Senatorial Candidate for Anambra South and Founder of Seahorse Lubricant Industries Limited, has called for government-backed single digit interest loans for apprentices to enable them establish businesses after completing their training.
Onunkwo said apprenticeship remains an important pathway for young people to acquire practical skills, but many trained apprentices struggle to become independent because they lack the capital required to set up workshops, purchase equipment and commence production.
He said government intervention should therefore go beyond skills acquisition by providing affordable startup finance to help young people translate their skills into sustainable businesses and become employers of labour.
According to him, a structured loan scheme with single digit interest rates would give young entrepreneurs access to capital without exposing them to the burden of high interest rates that often makes it difficult for new businesses to survive.
Onunkwo also advocated a system of proper identification, training and certification of apprentices, with access to government backed loans linked to the skills acquired and viable business plans.
He said government should complement financial support with infrastructure such as reliable electricity, good roads and industrial clusters where young entrepreneurs and manufacturers can operate in an environment that reduces their production costs.
Onunkwo noted that electricity remains one of the major costs of production, suggesting that government could establish independent power facilities within industrial clusters, allowing businesses operating in such areas to share infrastructure and reduce the cost of electricity.
He also stressed the importance of good road networks, saying efficient transportation infrastructure would enable businesses to move their products to markets across the Southeast and other parts of Nigeria.
Onunkwo said combining practical skills with affordable finance, reliable power and functional infrastructure would create a stronger pathway from apprenticeship to entrepreneurship, job creation and economic development.
He called for policies and legislation that would make access to affordable capital easier for young people, particularly those who have acquired practical skills but lack the financial capacity to establish themselves.
