The Sokoto State Government has announced a partnership deal with the Bank of Industries (BoI) to support businesses in the state with N2 billion loan.
Special Adviser to Gov. Aminu Tambuwal on Media and Public Relations, Imam Imam in a statement in Sokoto said the government had released its counterpart fund of N1 billion to BoI for the take-off of the programme.
“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.