No fewer than 1, 000 Micro, Small and Medium Enterprises (MSMEs) business owners in Bauchi state are to benefit from the N1 billion federal government, according to the project officer of the Bank of Industry (BOI) in Bauchi, Kabiru Sa’idu Musa.
He said that each of the beneficiaries would be given the sum of N1 million, “For the FGN intervention, it is N1 million that is ongoing to each MSME, it is truly online processes, they applied and successfully submitted and it comes to our head office”.
Malam Kabiru Musa while briefing newsmen during unveiling of the presidential grants & loans scheme for MSMEs in Bauchi Tuesday, said that the target is to revive the MSMEs, particularly in the 774 LGAs across the country.
“For the grant, we have a focal person in the state, so it’s the ministry of MSMEs in Bauchi that chose the beneficiaries and sent it to our head office for final payment”.
Musa added, “When our office verifies the application, we make a call to the beneficiary, go to his/her place and see the business, we then make a recommendation for final approval by the management”.
The project officer, who represented his State Manager, Isa Mohammed Nadada, said they were in Bauchi to enlighten more to the grant beneficiaries about the intervention funds.
He explained that the core mandate of the intervention is not just to disburse, but also to create job opportunities in order to relieve some burden on the federal government, revealing that the interest rate of the loan is nine percent, with the facility having a tenure of three years.
Musa concluded, “In Bauchi state the beneficiaries are 1,000, N1m will be disbursed to each and everyone of them. As I am talking to you now I have disbursed to four beneficiaries, those that met the requirements, the sum of N1m each”.
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, the Bauchi state commissioner for cooperatives, small and medium enterprises development, Hon. Mohammed Sadiq Hamisu Shira commended the Bank of Industry, SMEDAN and other federal government agencies working for the development of MSMEs in the state.
Hamisu said, “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.”
“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
“We understand that access to grants and loans is critical, but so too is the support network that surrounds our business community. Therefore this initiative is not merely about financial support, but it is a comprehensive strategy aimed at equipping our entrepreneurs with the necessary tools and resources to thrive.”
In his address, Abdulrasheed Aliyu, from Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Bauchi office, said the agency provides business development services and business clinics to the beneficiaries.
He said 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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