The new governor of Abia, Alex Otti, says his administration will within the next one month, launch a N10 billion Micro, Small and Medium scale Enterprises (MSME) financing scheme in the state.

He made this known during his inaugural speech as the fifth executive governor of Abia at the Umuahia Township Stadium.

Mr Otti said the fund aims to tackle the challenge of youth unemployment, which “keeps me awake most nights because I know how industrious our youths are.”

The economist said the scheme would comprise conditional business grants and low-interest loans to support relevant enterprises.

“It is my projection that a minimum of 20,000 MSMEs shall benefit from this fund over the next two years and generate at least 100,000 direct jobs and another 200,000 indirect employments in the state,” he said.

He said the detailed modalities for accessing these funds would be made public soon.

The governor said his administration would partner with commercial banks, local and international development agencies, venture capitalists and independent investors.

He said his administration would also leverage some of the major reforms in the power sector to provide structural support in the form of steady electricity access for those entrepreneurs.

“Our administration shall also make sure that the major obstacles to business success, such as poor road networks, over-taxation and restricted access to local and global markets, are timeously dealt with,” he said.

The governor promised that he would, in the next week, announce the setting up of the most suitable administrative and investment vehicles to drive the social and economic rejuvenation of Aba.

He said he had mandated the leadership of one of the country’s most notable construction companies to conduct a preliminary assessment of some critical portions of Aba roads.

(NAN)