The Federal Government has distributed over N1.2b to around 2,500 entrepreneurs in Sokoto State as part of its nationwide loan schemes under the leadership of President Bola Tinubu. This was announced during a town hall meeting in Sokoto on Friday by Mrs. Habiba Ismaila, the State Manager of the Bank of Industry for Zamfara and Sokoto states.
Ismaila explained that the government, in collaboration with the BOI, had rolled out various loan programs aimed at boosting business opportunities across the country. She highlighted that the first phase of the N200 billion intervention, with N50 billion allocated as one-off conditional grants, was targeted at nano-businesses within the MSME sector.
“About 2,500 individuals across 23 local government areas in Sokoto have benefited from this initiative, with each small-scale entrepreneur receiving N50,000 to support grassroots economic development,” Ismaila said.
She further elaborated that the second phase of the intervention, totaling N75 billion, is designed for Micro, Small, and Medium Enterprises (MSMEs). Under this phase, beneficiaries can access loans up to N5 million, a significant increase from the initial N1 million cap, as announced by President Tinubu.
The N75 billion MSME scheme, along with another program targeting larger businesses, aims to diversify Nigeria’s economy, generate employment, encourage value addition, and enhance exports. These loans, with a low interest rate of 9%, are also supported by ongoing tax reforms intended to ease the financial burden on Nigerian businesses, fostering job creation and boosting foreign exchange inflows.
Ismaila urged the public to be cautious of fraudsters who may attempt to scam potential beneficiaries, reminding them that the loans are provided without any fee or intermediary.
Mr. Muazu Barau, State Coordinator for the Small and Medium Scale Entrepreneurs Development of Nigeria, emphasized that the government’s reforms were designed to restore sustainable growth and prosperity. He reiterated the administration’s commitment to supporting entrepreneurs, particularly those affected by the country’s economic reforms.
Mr. Abubakar Balarabe, Executive Secretary of Sokoto State’s Small Scale Enterprises Development Agency, described the town hall meeting as a significant initiative that underscores the government’s commitment to economic growth. He assured entrepreneurs that the state government would continue to support efforts aimed at repositioning Nigeria for accelerated economic development.
“The loan selection process will be transparent and equitable, reflecting President Tinubu’s vision for inclusive governance,” Balarabe assured the gathering, noting the critical role MSMEs play in driving innovation, job creation, and economic growth across various sectors such as agriculture, manufacturing, and services.
The town hall meeting drew a wide array of participants, including state government officials, entrepreneurs, and representatives from the banking and economic sectors.
