FG disburses over N1.2bn loan to 2,500 entrepreneurs in Sokoto

The Federal Government of Nigeria has disbursed over N1.2 billion to about 2,500 entrepreneurs in Sokoto state as part of nationwide loan schemes introduced by President Bola Tinubu’s led administration.

Hajia Habiba Ismaila Sambawa, the State Manager, Bank of Industry (BOI) in charge of Sokoto and Zamfara States, disclosed this at a town hall meeting organised on Friday in Sokoto.

Sambawa said various categories of loan schemes were introduced by Federal Government being managed by BOI aimed at enhancing business opportunities across the nation.

She explained that first phase of N200 billion intervention, amounting to N50 billion disbursed as one-off conditional grants, was targeted at the Nano-businesses segment of the NMSMEs.

The manager said N50,000 was being disbursed for small scale business owners to facilitate grassroots economic development among citizens noting that about 2,500 persons have benefited in 23 local government areas of Sokoto state.

According to her,” the second phase, of N75 billion, is targeting the Micro, Small, and Medium Enterprises (MSMEs) and beneficiaries could obtain up to N5 million as increased by President from earlier N1 million.

” The N75 billion MSMEs along with a different scheme for large business owners are focus on diversifying the Nigerian economy, create jobs, promote value-addition, revitalize communities, and boost exports.

“These single-digit loan facilities will be complemented by the ongoing tax reforms designed to reduce the tax burden on Nigerian businesses.

“The goal is to further diversify the Nigerian economy, create jobs, promote value-addition, revitalize our communities, and boost exports, and foreign exchange inflows,” she said

She further said, “⁸It is a single digit loan, it is nine per cent, it is fixed, no hidden charges.

“It is important for us to sensitise the people to this facility so that they don’t fall into the hands of people that will tell them to bring money before they can access it,” she added.

Sambawa highlighted that Federal Government is collaborating with BOI, which is an important implementing agency for the scheme.

“If you needs any information, if you are not sure of anything, go to the Bank of Industry. Once you provide the requirements, which are very easy, person can access the facility, she said.

The State Coordinator of Small and Medium Scale Entrepreneurs Development of Nigeria (SMEDAN), Mr Muazu Barau, said the reforms are being implemented to put the country back on track of sustainable growth and prosperity.

Muazu stressed that the federal government was keen to ensure that those targeted support programmes would go a long way towards alleviating the pains and challenges being experienced on account of the bold economic reforms.

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He noted that the development is another concrete manifestation of the unwavering determination of Tinubu to fulfill the Renewed Hope Agenda that remains the centre of his governing vision for Nigeria.

The Coordinator maintained that the first of the eight pillars of that agenda is focused on delivering robust economic growth, adding that small and medium-sized businesses are the engine of the Nigerian economy.

The Executive Secretary of Sokoto State Small Scale Enterprises Development Agency (SOSMEDA), Alhaji Abubakar Balarabe, described the town hall meeting as one of the most important business support policies of present administration.

Balarabe assured state government support to reposition Nigeria for rapid economic growth, and in doing this, we would prioritize our hardworking and energetic entrepreneurs, in every part of the country.

“Let me now make this very important point, to all potential beneficiaries, that you have to confidently put in your application for you to stand a chance of benefiting.

“This is a government of equal and fair opportunities for everyone. I have no doubt that the selection process for these loans will be guided by the same principles of equity and transparency that the President is determined to entrench in governance in Nigeria, ” he said.

He said that MSMEs are the driving force behind the nom-oil economy, contributing significantly to innovation, economic growth and job creation in the agriculture, manufacturing and services sectors.

The town hall meeting attracted stakeholders from the state government, entrepreneurs, banking and other economy sector.

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