N500 Million Earmarked For Small Businesses In Nasarawa State

The Nasarawa State Government in collaboration with the Bank Of Industry has earmarked the sum of N500 million to be given as loans to indigenes of the state to boost the micro, small and medium enterprises across the 13 Local Government Areas.

The state government had approved the sum of N250 million naira as a counterpart contribution for the Youth Revolving Funds Scheme while the BOI also contributed the sum of N250 million.

Speaking during the screening of the loan applicants in Lafia on Friday, Senior Special Assistant to Governor Abdullahi Sule on Human Capital Development, Habiba Balarabe-Suleiman, said the aim of approving the fund was to provide financial assistance to youths in the state for the take-off or expanding of their businesses.

She said, “Today’s screening is part of the process of the N500 million Youth R

This is to ensure that we give the loans to deserving applicants who are ready to boost their businesses and pay back the loans at the appropriate time.”

The SSA who explained that over 200 indigenes would benefit from the approved sum in the first phase, added that the loans would be given to successful applicants immediately after the screening and verification exercises.

“The beneficiaries are over 200 for each round, and the whole scheme is for five years. So, many people will benefit from the gesture of the state government and the BOI,” she added.

Also speaking, the Nasarawa State Manager of BOI, Abdullahi Alhaji, said the partnership was to encourage youths in the state to become entrepreneurs and employers of labour.

“The loans will be administered at a single-digit interest rate with a tenor of between 3-5 years.

"The beneficiaries will come from the Manufacturing and processing; ICT; Digital Marketing and E-commerce; Transportation; Creative industry and Entertainment; Agribusiness; Healthcare and Fitness sectors, among others,” he added.

While expressing gratitude to the Nasarawa state government for prioritising youths’ empowerment, Alhaji urged the prospective beneficiaries to make judicious use of the funds when considered.

One of the prospective beneficiaries who spoke on behalf of the others, Daniel Abraham, while thanking the state government and BOI for the opportunity, expressed satisfaction with the screening process and promised to put the funds into good use if given the loans.

"We look at business plans that are found viable and review the amounts requested," he added.