FG, BoI Empower Over 800,000 SMEs with N40 Billion Disbursement
By Tada Juthan, Maiduguri
In a bold move to bolster small and medium-scale enterprises (SMEs) across Nigeria, the Federal Government, in collaboration with the Bank of Industry (BoI), has disbursed N40 billion to 810,945 entrepreneurs in the country’s 774 local government areas.
This initiative is part of the N50 billion Presidential Grants and Loans Scheme (PGLS), designed to support 1 million SMEs nationwide.
Speaking at the disbursement flag-off event in Maiduguri, Borno State, BoI State Manager Mukhtar Musa highlighted the scheme’s focus on youth, women, and vulnerable groups.
“The bank, in partnership with the National Assembly, has strategically targeted traders, ICT providers, transporters, and artisans across various trades,” Musa stated.
Breaking Down the Numbers
The disbursement allocates 70% of funds to youth and women, with 10% each going to persons with disabilities, pensioners, and other vulnerable groups.
Musa emphasized the need for beneficiaries to possess valid national ID cards, registered business premises, and bank accounts to qualify for the program.
So far, the Northwest region has led the pack with N10 billion disbursed, followed by the Northcentral and Northeast at N6.6 billion and N5.9 billion respectively.
The Southeast recorded the least disbursement at N4.8 billion across 98 LGAs.
In Borno State alone, N1.322 billion was distributed to 26,540 beneficiaries in the state’s 27 LGAs.
Empowering Businesses in Borno
Governor Babagana Zulum, represented by the Permanent Secretary of the Ministry of Establishment and Service Matters, Dr. Abubakar Sadik Mohammed, applauded the initiative.
He revealed that 26,250 beneficiaries in the state would each receive N50,000 to revive and enhance their businesses.
Mohammed urged beneficiaries to avoid diverting the funds and instead focus on reinvigorating their enterprises to strengthen economic activities in their communities.
This landmark initiative underscores the government’s commitment to driving economic growth and supporting grassroots entrepreneurship across the nation.
Yahoo Mail: Search, Organize, Conquer
