The Federal Government has disbursed over N1.2 billion to approximately 2,500 entrepreneurs in Sokoto State under nationwide loan schemes aimed at boosting economic development, according to the State Manager of the Bank of Industry (BOI) for Sokoto and Zamfara States, Mrs. Habiba Ismaila.
Speaking at a town hall meeting in Sokoto on Friday, Ismaila revealed that the disbursement is part of several initiatives introduced by President Bola Tinubu’s administration to enhance business opportunities across the country.
Nano-Business Grants and MSME Support
She disclosed that the first phase of the Federal Government’s N200 billion intervention fund, amounting to N50 billion, was distributed as one-off conditional grants targeting the nano-business segment of Micro, Small, and Medium Enterprises (MSMEs).
“About 2,500 people across 23 local government areas of Sokoto State have benefited from this initiative, with each small-scale business owner receiving N50,000 to drive grassroots economic development,” Ismaila stated.
Highlighting the second phase of the intervention, she explained that N75 billion is allocated to MSMEs, with the maximum loan amount recently increased by President Tinubu from N1 million to N5 million. This phase aims to empower MSMEs with affordable financing at a single-digit interest rate of 9%.
“The MSME scheme, alongside another initiative for larger business owners, seeks to diversify Nigeria’s economy, create jobs, promote value addition, revitalise communities, and boost exports,” she added.
Safeguards Against Scams
Ismaila urged the public to beware of fraudulent schemes and emphasized that the loans are free from hidden charges or intermediary fees.
“It is crucial for potential beneficiaries to be vigilant and avoid scammers who demand payment in exchange for access to these loans,” she said.
Renewed Hope Agenda in Action
The State Coordinator of the Small and Medium Scale Entrepreneurs Development of Nigeria, Mr. Muazu Barau, underscored that these reforms reflect President Tinubu’s commitment to his Renewed Hope Agenda, designed to restore sustainable growth and prosperity in Nigeria.
“The Federal Government’s targeted support programmes aim to mitigate the impact of bold economic reforms, ensuring that entrepreneurs have the tools they need to succeed,” Barau said.
Sokoto’s Support for Economic Growth
The Executive Secretary of Sokoto State’s Small Scale Enterprises Development Agency, Mr. Abubakar Balarabe, praised the Federal Government’s initiatives as transformative for local businesses.
“This town hall meeting represents one of the most impactful business support policies of this administration,” Balarabe noted. “The state government will continue to support hardworking and innovative entrepreneurs, ensuring rapid economic growth.”
He added that MSMEs remain the backbone of Nigeria’s non-oil economy, driving innovation and creating jobs in agriculture, manufacturing, and services.
The meeting attracted diverse stakeholders, including representatives from the state government, entrepreneurs, and leaders in banking and economic development.