Sokoto State Government, BoI to disburse N2bn loan to Small Scale Entrepreneurs
The Sokoto State Government and Bank of Industries (BoI) will disburse N2 billion loans to support small scale businesses across the state.
Malam Imam Imam, the Special Adviser to Gov. Aminu Tambuwal on Media and Public Relations announced this in a statement on Thursday in Sokoto.
Imam said the state government had released its counterpart fund of N1 billion to BoI for the take-off of the scheme.
“All necessary processes have been concluded and we expect disbursements to start soon after a thorough screening of beneficiaries by both the Sokoto State Small and Medium Scale Enterprises Development Agency (SOSMEDA) and the BoI.
“We hope to support these entrepreneurs to enable them improve on their businesses as most of the beneficiaries will be women,’’ Imam said.
According to him, by engaging more female entrepreneurs, government is seeking to enhance their economic status, which will have ripple effect on the economy of the state in general.
“As for all the beneficiaries, we believe this support will allow them to be more self-reliant and create additional employment opportunities,” he added.
The media aide said that the terms of the MoU with the bank of industry stipulated that the N2 billion would be used to assist micro, small and medium scale enterprises.
Imam described SMEs as important because they are critical component in implementing the industrialisation policy of this administration.
He expressed the determination of the state government to give the people all the required support to improve their businesses and urged entrepreneurs to partner with the government to ensure the success of “this important policy.’’
He added that government’s decision to set up SOSMEDA was done to harness the potential in the sector for the benefit of the citizenry.
“As you are aware, the role of small scale enterprises in changing the fortune of a given society cannot be over emphasised.
“There is decisive shift on emphasis from the capital intensive, large scale industrial projects to small and medium scale industries because of their enormous potentials for rapid and sustainable development,’’ he said.
According to him, apart from their prospect of ensuring a self-reliant industrialisation, in terms of ability to rely largely on local raw materials, small scale enterprises are better placed to boost employment.
The governor’s aide noted that such would also guarantee a more even distribution of development in the state, especially in the rural areas.
