2,500 Sokoto entrepreneurs receive N1.2bn loan

The Federal Government has disbursed over N1.2 billion to no fewer than 2,500 entrepreneurs in Sokoto State, as part of nationwide loan schemes introduced by President Bola Tinubu’s administration.

According to the State Manager, Bank of Industry in charge of Sokoto and Zamfara states, Habiba Sambawa, said the bank was managing various categories of loan schemes introduced by the aimed at enhancing business opportunities across the nation. Disclosed this at a town hall meeting organised on Friday in Sokoto.

Speaking at a town hall meeting on Friday, Sambawa explained that the first phase of the N200bn intervention, amounting to N50bn has been disbursed as one-off conditional grants targeted at the Nano-businesses segment of the NMSMEs.

The manager said N50,000 was disbursed to each small-scale business owner to facilitate grassroots economic development among citizens, noting that about 2,500 persons in 23 local government areas of Sokoto State have benefited.

According to her, “The second phase of N75bn is targeting the Micro, Small, and Medium Enterprises and beneficiaries could obtain up to N5m as increased by the President from earlier N1m.

“The N75bn MSMEs along with a different scheme for large business owners are focused on diversifying the Nigerian economy, creating jobs, promoting value-addition, revitalising communities, and boosting exports.

“These single-digit loan facilities will be complemented by the ongoing tax reforms designed to reduce the tax burden on Nigerian businesses.”

The State Coordinator of Small and Medium Scale Entrepreneurs Development of Nigeria, Muazu Barau, said the reforms are being implemented to put the country back on the track of sustainable growth and prosperity.

Muazu stressed that the federal government was keen to ensure that those targeted support programmes would go a long way towards alleviating the pains and challenges being experienced on account of the bold economic reforms.

The Executive Secretary of Sokoto State Small Scale Enterprises Development Agency, Alhaji Abubakar Balarabe, described the town hall meeting as one of the most important business support policies of the current administration.