The Federal Government disbursed N2.25 billion to support 16,696 Micro, Small, and Medium Enterprises (MSMEs) in Gombe State, as part of its ongoing implementation of the N200 billion Federal Government Loan Scheme for MSMEs and manufacturing enterprises.
The Managing Director/Chief Executive Officer of Bank of Industry (BoI), Dr. Olasupo Olusi, announced the flag-off of the disbursement of the fund to the MSMEs’ during a town hall meeting organized to sensitize business owners on the benefits and accessibility of the facility on Friday in Gombe.
A news report from the News Agency of Nigeria (NAN) indicated that the initiative was part of the present administration’s economic agenda to empower MSMEs and by so doing, improve the performance of the nation’s manufacturing sector.
Olusi, who was represented by the North East Regional Manager of BoI, Mohammed Maina, harped on the importance of the MSMEs to the performance of the economy in terms of their job creation, support for the people and innovative approach across all sectors.
According to him, the Federal Government has so far disbursed over N107 billion under the scheme to nearly 900,000 beneficiaries nationwide, noting that out of the beneficiaries over 16,696 are in Gombe and will get N2.25 billion to support their enterprises.
While describing the loan initiative as a landmark intervention and a strategic investment in Nigeria’s economic future, Olusi maintained that the goal was to unlock the potential of Nigeria’s business sector, particularly the MSMEs segment, which constitutes 96% of all Nigerian businesses, accounts for 84% of total employment, and contributes nearly 50% to the nation’s GDP.
The banker commended the Gombe State Government’s support for the scheme and appealed to community leaders, youth groups, and MSME operators to serve as ambassadors of the intervention scheme within their localities.
In his remarks at the event, Abdulwahab Sabo, who is the Senior Special Assistant to Governor Inuwa Yahaya on MSMEs, commended the present administration for the initiative, adding that the scheme has had a singificant impact on Gombe’s grassroots economy.
The governor’s aide said: “MSMEs are the backbone of Gombe’s economy. They create jobs and empower women and youths”, adding that the state government remains committed to introducing enabling policies that the support small businesses’ growth.
Experts believe that the N200 billion Federal Government Loan Scheme for MSMEs and manufacturing enterprises demonstrates the present administration’s commitment to grassroots development and industrial growth as it designed to build MSME-driven resilient and self-sustaining economy for the country.