The Sokoto state Government and the Bank of Industries (BoI) will disburse the sum of N2billion to support Small and Medium scale Enterprises (SMEs) in the state. Already, the state government said it has released its counterpart fund of N1 billion to BoI for the scheme.
Malam Imam Imam, the Special Adviser on Media and Public Affairs to Governor Aminu Waziri Tambuwal, in a statement, said this while fielding questions from reporters in his office in Sokoto. “All necessary processes have been concluded and we expect disbursements to start soon after a thorough screening by both the Sokoto State Small and Medium Scale Enterprises Development Agency (SOSMEDA) and the BoI. “We hope to support these entrepreneurs to enable them improve on their businesses.
A large section of the beneficiaries will be women. By engaging more female entrepreneurs, government is seeking to enhance their economic status, which will have ripple effect on the economy of the state in general. “As for all the beneficiaries, we believe this support will allow them to be more self-reliant and create additional employment opportunities,” he added.
The media aide noted that the terms of the MoU with the Bank of Industry stipulate that the N2billion fund will focus on micro, small and medium scale enterprises. “This is important because SMEs are critical component in implementing the industrialization policy of this administration.”