FG provides N1bn loan to support 1,000 MSMEs in Bauchi

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A total of 1000 Micro, Small, and Medium Enterprises (MSMEs) business owners in Bauchi State have been granted the facility to grow their businesses to the tune of N1b by the Federal Government through the Bank of Industry (BOI).

The sensitisation on how to utilise the facility provided in order to achieve the set objectives was organised on Tuesday for the beneficiaries by the BOI.

Speaking during the sensitisation programme, the Manager of BOI in Bauchi state, Isa Nadada, said that the aim of the intervention is to revive the MSMEs in all the 774 Local Governments across the country, saying that each of the beneficiaries would be given the sum of N1 million.

According to him, the target of the Federal Government is to have 75,000 MSMEs as beneficiaries in order to create job impacts across the country.

Represented by the Project Officer of BOI in Bauchi Branch, Kabiru Musa, the Branch Manager explained that the core mandate of the Bank of Industry is not only to disburse funds but also to create job opportunities in order to relieve some burdens on the federal government

According to him, “The interest rate is soft because it’s nine per cent all-inclusive, whether it is a term loan or a working capital. The tenure of the facility is three years and there is a six-month moratorium.”

“As I am talking to you now, I have successfully disbursed N1 million to four beneficiaries today who have met the requirements and we are here to enlighten some of the beneficiaries,” he said.

He also stated that after the applicant has successfully submitted his application online, officials from the Bank would go to the place to see the business and make recommendations for final approval for the loan disbursement by the management.

Isa Nadada added that the bank had earlier disbursed the sum of N50,000 to some nano business owners as a grant across the 20 Local Government Areas of the state in order to boost their businesses.

Also speaking, Bauchi State Commissioner for Cooperatives, Small and Medium Enterprise Development, Mohammed Shira, lauded the Federal Government for working towards the development of MSMEs in the state.

The Commissioner stressed that, “Together, we can build a sustainable framework that not only addresses the immediate needs of our businesses but also lays the foundation for long-term growth.”

He also stated that “I want to emphasise that the Bauchi State Government, through the Ministry for Cooperatives, Small and Medium Enterprises Development, is here for you.”

“We are committed to ensuring that this programme is implemented effectively and that it reaches those who need it most,” said the Commissioner.

In his address, Abdulrasheed Aliyu, from the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Bauchi office, said that the agency provides business development services and business clinics to the beneficiaries.

He also said that this is necessary in order to utilise the money for the purposes it was meant for.

Speaking on behalf of the beneficiaries, Ibrahim Musa said they have been yearning for such an intervention for so long, adding that it would help the women who are based on petty trading.

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