The Federal Government has disbursed over N1.2 billion to approximately 2,500 entrepreneurs in Sokoto State as part of nationwide loan schemes introduced by the administration of President Bola Tinubu.
The State Manager of the Bank of Industry for Sokoto and Zamfara States, Mrs Habiba Ismaila, disclosed this at a town hall meeting held in Sokoto on Friday.
Ismaila explained that the Federal Government, in collaboration with BOI, had introduced various categories of loan schemes aimed at enhancing business opportunities across the nation.
She further explained that the first phase of the N200 billion intervention, amounting to N50 billion disbursed as one-off conditional grants, was targeted at the nano-business segment of the MSMEs.
“About 2,500 people have benefited from this initiative across 23 local government areas of Sokoto State, with each small-scale business owner receiving N50,000 to facilitate grassroots economic development,” Ismaila said.
She continued, “The second phase, which is N75 billion, is targeting Micro, Small, and Medium Enterprises (MSMEs). Beneficiaries can now obtain up to N5 million, as increased by the President from the earlier N1 million.”
The N75 billion MSME scheme, alongside another scheme for large business owners, aims to diversify the Nigerian economy, create jobs, promote value-addition, revitalise communities, and boost exports.
“These single-digit loan facilities, with an interest rate of 9 per cent, will be complemented by ongoing tax reforms designed to reduce the tax burden on Nigerian businesses.
The goal is to further diversify the Nigerian economy, create jobs, and enhance foreign exchange inflows,” she added.
Ismaila also stressed the importance of informing the public about these loans, urging potential beneficiaries to be cautious of scammers asking for money in exchange for access to the facility.
The State Coordinator of the Small and Medium Scale Entrepreneurs Development of Nigeria, Mr Muazu Barau, highlighted that the reforms are aimed at restoring the country’s sustainable growth and prosperity.
Barau noted that the Federal Government was committed to ensuring that these targeted support programmes would help alleviate the challenges posed by the country’s bold economic reforms.
He emphasised that this development was a reflection of Tinubu’s unwavering commitment to fulfilling the Renewed Hope Agenda, which remains the cornerstone of his governance vision for Nigeria.
The Executive Secretary of Sokoto State’s Small Scale Enterprises Development Agency, Mr Abubakar Balarabe, described the town hall meeting as one of the most significant business support policies of the current administration.
Balarabe assured the state government’s support in repositioning Nigeria for rapid economic growth, prioritising hardworking and energetic entrepreneurs across the country.
“It is vital that all potential beneficiaries confidently apply for the loan, as this government provides equal and fair opportunities for everyone. The selection process will follow the principles of equity and transparency that President
Tinubu is determined to entrench in governance,” he said.
He also stressed that MSMEs are the backbone of Nigeria’s non-oil economy, contributing significantly to innovation, economic growth, and job creation across sectors such as agriculture, manufacturing, and services.
The town hall meeting attracted a wide range of stakeholders, including representatives from the state government, entrepreneurs, and the banking and economic sectors.