The Borno state government in collaboration with Bank of Industry
(BOI); has disbursed N1 billion loans to small and medium scale
entrepreneurs revive business activities.
Besides reviving economic activities, the N1 billion first tranche of
N2 billion loans, are also to create more jobs among youths in the
organized private sector (OPS).
While presenting 12 symbolic cheques Wednesday in Maiduguri, Governor
Babagana Zulum disclosed: “Today (yesterday) 15, 861 individuals are
members of 12 trade unions and associations are expected to benefit
from this disbursement of N994,930,000.”
Speaking on decade long insurgency, he said: “Borno state has been
under insurgency for over a decade. We’ve made it part of our 10-point
agenda that only this type of aggressive all-inclusive measures can
boost our resilience under this economic hardship.
According to him, the loans targeted small and medium scale
entrepreneurs affected by insurgency and coronavirus (COVID-19)
pandemic.
He said the loan is interest free and payable in four years, adding
that: “it has a moratorium period of six months, within which
businesses are expected to pick up and generate profits.”
He therefore, urged the associations to monitor the activities of their members.
He noted that the associations, are responsible for recovery of all
fund disbursed to beneficiaries.
“This money is not for personal use and must be invested in various
business activities that are profitable,” he warned, stating that the
beneficiaries are expected to pay their loans on schedule.
He said the efficient utilization of loans, could reduce unemployment
to the barest level in the state and in line with state’s recovery and
resettlement programme.
On loans’ payments, Zulum announced that: “Any individual who is able
to settle the disbursed amount within four years shall enjoy 50 per
cent waiver and shall qualify for another loan.
“As government is committed to the empowerment of women and youths, it
is currently talking at high levels with the apex bank, African
Development Bank (AfDB) and Islamic Development Bank (IDB) to create
more windows of opportunities for small and medium scale
entrepreneurs.
He said the high level talks, are to empower women and youths,
according to global best practices improve living conditions of
people.
