FG Distributes N2.25 Billion to Support 16,696 Small Businesses

• To assist 16,696 Micro, Small, and Medium-Sized Enterprises (MSMEs) in Gombe, the Federal Government has disbursed N2.25 billion
• CEO of BOI FG has distributed approximately N107 billion through the BoI to almost 900,000 recipients across Nigeria's six geopolitical zones
• It described the fund as a landmark initiative by President Bola Tinubu's administration seeks to empower MSMEs and revitalise Nigeria's manufacturing sector

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Dr. Olasupo Olusi, Managing Director and Chief Executive Officer of the Bank of Industry (BoI), affirmed that the Federal Government has disbursed N2.25 billion to support 16,696 Micro, Small, and Medium Enterprises (MSMEs) in Gombe.

The purpose of the meeting was to inform the Gombe business community about the Federal Government Loan Scheme for MSMEs and manufacturing businesses, which is worth N200 billion.

Nearly 900,000 beneficiaries in Nigeria's six geopolitical zones have received over N107 billion from the Federal Government through the BoI, according to Olusi.

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“Out of this, over 16,696 beneficiaries, valued at N2.25 billion, are from Gombe State,” he said.

Olusi, who was accompanied by Mr. Mohammed Maina, BoI's North East Regional Manager, characterized the fund as a historic move by the administration of President Bola Tinubu.

As part of a larger plan for economic growth, he said, the effort seeks to empower MSMEs and revitalize Nigeria's manufacturing sector.

He claims that the plan is a significant investment in Nigeria's future and a dedication to maximizing the potential of the commercial sector.

“MSMEs bring life to the local economy. They create jobs, provide livelihoods, and drive innovation across sectors,” Olusi noted.

He went on to say that MSMEs make for 96% of Nigerian companies, 84% of jobs, and about 50% of GDP.

According to Olusi, President Bola Tinubu wants an economy where all businesses are given the tools they need to succeed and where local industries flourish and reach international standards.

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According to him, BoI is trying to make sure the program serves as a stimulant for employment, creativity, and wealth, particularly for young business owners.

He commended Gombe State Government’s assistance and asked MSME owners, community leaders, and youth organizations to champion the intervention.

Mr Abdulwahab Sabo, Senior Special Assistant to Gov. Inuwa Yahaya on MSMEs, congratulated President Tinubu for favorably benefiting Gombe’s local economy.

According to Sabo, MSMEs continue to be the foundation of the state's economy by generating employment and encouraging entrepreneurship, particularly among young people and women.

Abdul, who received N50,000 six months ago, said his business has grown to N300,000 and he now plans to open a mini restaurant. He said the Yahaya-led administration is dedicated to supporting initiatives that empower women and youths while encouraging business growth. Abdul is the chairman of the Tea and Bread Association in Gombe, and he thanked President Tinubu for the financial support.

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Adamu Abubakar, a fabrication and welding contractor from Dukku LGA, claimed that the intervention prevented him from paying exorbitant interest rates at commercial banks.

Abubakar intends to grow and hire more young people after obtaining a N5 million loan with an annual interest rate of 9%.

According to the News Agency of Nigeria (NAN), the town hall featured a Q&A session on loan availability and the difficulties MSMEs confront. (NAN)

FG opens up on sharing N75,000 cash

Legit.ng reported that the federal government intends to provide N75,000 in cash to roughly 70 million Nigerians who are considered to be among the "poorest of the poor."

Prof. Nentawe Yilwatda, Minister of Humanitarian Affairs and Poverty Reduction, revealed this yesterday when he appeared on Arise Television's The Morning Show.

Yilwatda said the ministry plans to implement the program throughout the 36 states of the Federation by the end of January 2025 to register up to 18.1 million Nigerian homes using the National Identity Number (NIN) system.

Source: Legit.ng