N2.25 billion has been distributed by the Federal Government through the Bank of Industry to 16,696 Micro, Small, and Medium-Sized Businesses in Gombe State.
At a town hall meeting on Friday in Gombe, Dr. Olasupo Olusi, the BoI’s managing director and chief executive officer, affirmed this.
The purpose of the conference was to raise awareness of the N200 billion Federal Government Loan Scheme for MSMEs and manufacturing businesses in the Gombe business community.
According to Olusi, the Federal Government has distributed more than N107 billion to around 900,000 recipients throughout Nigeria’s six geopolitical zones via the BoI.
“Gombe State accounts for over 16,696 beneficiaries, valued at N2.25 billion,” he stated.
Olusi, who was accompanied by Mr. Mohammed Maina, BoI’s North East Regional Manager, characterized the fund as a historic move by the administration of President Bola Tinubu.
As part of a larger plan for economic growth, he said, the effort seeks to empower MSMEs and revitalize Nigeria’s manufacturing sector. He claims that the plan is a significant investment in Nigeria’s future and a dedication to maximizing the potential of the commercial sector.
“The local economy thrives thanks to MSMEs. They support livelihoods, generate jobs, and stimulate innovation in a variety of industries, according to Olusi.
He also mentioned that MSMEs make for roughly half of Nigeria’s GDP, 84% of jobs, and 96% of all businesses in the kingdom.
According to Olusi, President Bola Tinubu wants an economy where all businesses are given the tools they need to succeed and where local industries flourish and reach international standards.
According to him, the BoI is trying to make sure the program serves as a stimulant for employment, creativity, and wealth, particularly for young business owners.
He praised the backing of the Gombe State Government and called on youth organizations, community leaders, and MSME owners to support the intervention.
Mr. Abdulwahab Sabo, Gov. Inuwa Yahaya’s Senior Special Assistant on MSMEs, commended President Tinubu for having a beneficial effect on the local economy of Gombe.
Sabo stated that MSMEs remain the backbone of the state’s economy by creating jobs and fostering entrepreneurship, especially among women and youths.
He said the Yahaya-led administration is committed to supporting initiatives that empower women and youths while encouraging business growth.
Abbas Abdul, Chairman of the Tea and Bread Association in Gombe, expressed gratitude to President Tinubu for the financial support.
Abdul, who received N50,000 six months ago, said his business has grown to N300,000, and he now plans to open a mini restaurant.
Adamu Abubakar from Dukku LGA, who engages in fabrication and welding, said the intervention saved him from high commercial bank interest rates.
Abubakar received a N5 million loan at nine per cent interest per annum and now plans to expand and employ more young people.
The News Agency of Nigeria reports that the town hall included a question and answer session on accessing loans and challenges faced by MSMEs.
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