About 2,500 small scale business owners have accessed the N50,000 Federal Government’s loan scheme in Sokoto state.

The Manager of Bank of Industry in-charge of Sokoto, Kebbi and Zamfara states, Habiba Sambawa, disclosed this at a town hall meeting on Friday in Sokoto.

Ms Sambawa said the support was part of nationwide loan schemes introduced by President Bola Tinubu’s administration.

She said various categories of loan schemes were introduced by the federal government being managed by BOI towards enhancing business opportunities across the nation.

She explained that out of the first phase of N200 billion intervention, N50 billion had been disbursed as one-off conditional grants targeted at the Nano-businesses segment of the NMSMEs.

She said, “N50,000 is being disbursed for small scale entrepreneurs to facilitate grassroots economic development among citizens and beneficiaries were from  the local government areas in the country.’’

According to her, the second phase, of N75 billion, is targeting the Micro, Small, and Medium Enterprises who could obtain up to N5 million as increased by the President from the earlier N1 million.

“The N75 billion MSMEs along with a different scheme for large business owners focus on diversifying the nation’s economy, creating jobs, promoting value-addition, revitalizing 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,” she said.

The manager further explained that MSMEs could walk into any Bank of Industry and apply for the loan.

“It is important for us to sensitise the people to this facility, so that they don’t fall into the hands of people that will tell them to bring money before they can access the loan,” she added.

Ms Sambawa explained that the federal government was collaborating with BOI, “which is an important implementing agency for the scheme.”

The state Coordinator of Small and Medium Scale Enterprises Development Agency of Nigeria, Mu’azu Barau, said the reforms were being implemented to put the country back on the track of sustainable growth and prosperity.

Mr Barau stressed that the federal government was keen to ensure that the targeted support programmes alleviate the pains and challenges being experienced on account of the bold economic reforms.

He noted that the development was another concrete manifestation of the unwavering determination of President Tinubu to ensure that the Renewed Hope Agenda remains the centre of his governing vision for Nigeria.

The coordinator maintained that the first of the eight pillars of that agenda focused on delivering robust economic growth, adding that small and medium-sized businesses were the engine of Nigeria’s economy.

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

Mr Balarabe assured of the state government’s support to reposition Nigeria for rapid economic growth, saying, “in doing this, we will prioritise our hardworking and energetic entrepreneurs in every part of the country.

He said, “Let me now make this very important point, to all potential beneficiaries that you have to confidently put in your application for you to stand a chance to benefit. This is a government of equal and fair opportunities for everyone. I have no doubt that the selection process for these loans will be guided by the same principles of equity and transparency that the President is determined to entrench in governing Nigeria.’’

He further said that MSMEs were the driving force behind the non-oil economy, contributing significantly to innovation, economic growth and job creation in agriculture, manufacturing and services sectors.

Some beneficiaries, Aliyu Tukur, Hassan Adamu and Musbahu Shehu, expressed gratitude to the federal government for the opportunities and promised to judiciously use the resources to achieve the set goals and objectives.

The town hall meeting attracted representatives from the state government, entrepreneurs, banking and other sectors of the economy.

(NAN)