Six cooperative societies have benefited from the Nasarawa State government’s ₦50 million interest-free loans in the third phase of the state’s financial inclusion intervention programme.
The director general, Nasarawa State Human Capital Development Agency, Habiba Balarabe-Suleiman, led the disbursement exercise in Akwanga local government area of the state at the weekend.
Similar interventions were extended to cooperative societies in Awe and Keana local government areas.
Speaking during the symbolic presentation of cheques to beneficiaries in Akwanga, Habiba Balarabe Suleiman said the gesture was part of Governor Abdullahi Sule’s commitment to social development and enhancing the economic status of the people.
She explained that while previous intervention in Awe benefited 200 people, the Akwanga exercise was scaled up to reach approximately 400 beneficiaries through the selected cooperatives.
“The money we have given them are not grants, but interest-free loans. We have seen the excitement in these men and women who were all carefully screened. We have every confidence that this group will be able to pay back the loan,” she said, emphasising that the funds were structured as revolving loans.
Shedding light on the amount per institution, she said larger cooperatives received ₦10 million based on their broader mandates and size while smaller cooperatives received ₦5 million to align with their current scale of operations.
“This ensures that as the initial beneficiaries repay the capital, the agency can extend the same support to other citizens in different local governments, as well as broaden the reach within Akwanga in future phases,” she added.
She said to ensure transparency and strict adherence to the terms of the agreement, the state Ministry of Justice was present to oversee the proceedings with each participating cooperative providing legal representation to ensure all members understood the consequences of default and the specific conditions of the intervention.
She urged the beneficiaries to remain disciplined and utilise the capital strictly for business startup or expansion.
She expressed optimism that the intervention would serve as a catalyst for significant economic growth for the individuals involved.
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