The Federal Government has disbursed over ₦1.2 billion to approximately 2,500 entrepreneurs in Sokoto State as part of its nationwide loan initiatives aimed at fostering economic growth and development. This was disclosed by the State Manager of the Bank of Industry (BOI) for Sokoto and Zamfara States, Mrs. Habiba Ismaila, during a town hall meeting held in Sokoto on Friday.
Ismaila revealed that the funds were part of several loan schemes introduced by the administration of President Bola Tinubu to support business opportunities across the country.
Under the first phase of the ₦200 billion intervention fund, ₦50 billion was allocated as one-off conditional grants for the nano-business segment of Micro, Small, and Medium Enterprises (MSMEs). Ismaila stated, “About 2,500 small-scale business owners across the 23 local government areas of Sokoto State have benefited from this initiative, with each receiving ₦50,000 to facilitate grassroots economic development.”
She further highlighted the second phase of the programme, which involves ₦75 billion targeted at MSMEs. The scheme, enhanced by President Tinubu’s directive, now allows beneficiaries to access up to ₦5 million, an increase from the earlier limit of ₦1 million.
Ismaila explained that these loan schemes, designed with a single-digit interest rate of 9%, aim to diversify Nigeria’s economy, create jobs, promote value addition, and increase foreign exchange inflows. The loans are complemented by ongoing tax reforms intended to ease the tax burden on Nigerian businesses.
She urged potential beneficiaries to stay vigilant against fraudsters demanding payment in exchange for access to the loans, emphasizing the government’s commitment to transparency and fairness.
Speaking at the event, the State Coordinator of the Small and Medium Scale Entrepreneurs Development of Nigeria, Mr. Muazu Barau, noted that these reforms are designed to restore sustainable economic growth and prosperity. He described the initiatives as a reflection of President Tinubu’s dedication to the Renewed Hope Agenda, which underscores his governance vision for the nation.
The Executive Secretary of Sokoto State’s Small Scale Enterprises Development Agency, Mr. Abubakar Balarabe, commended the town hall meeting as one of the administration’s most impactful business support policies. He reiterated the state government’s commitment to fostering economic growth by supporting hardworking entrepreneurs.
“It is vital that all potential beneficiaries confidently apply for the loan, as this government ensures equal and fair opportunities for everyone. The selection process will adhere to principles of equity and transparency that President Tinubu is determined to entrench,” Balarabe stated.
He emphasized that MSMEs are pivotal to Nigeria’s non-oil economy, contributing significantly to innovation, economic growth, and job creation across agriculture, manufacturing, and services.
The event attracted stakeholders from the state government, banking sector, entrepreneurs, and economic experts, further demonstrating the Federal Government’s dedication to driving inclusive economic development across Nigeria.
