ABUJA, Nigeria (VOICE OF NAIJA) – The Bank of Industry (BOI) has announced the distribution of presidential grants and loans aimed at supporting micro, small, and medium enterprises (MSMEs) in Bauchi State and across Nigeria.
The initiative is part of a federal government effort to empower one million MSMEs nationwide, covering all 774 local government areas.
Representing the Bauchi State Manager of BOI, Kabiru Saidu highlighted the scheme’s reach so far, stating, “The disbursement is ongoing, with business owners already receiving the fifty thousand naira presidential grant in Bauchi and across the country.”
He disclosed that BOI has so far distributed N39.2 billion to 784,393 beneficiaries nationwide, including N5.7 billion in the northeast region and N1.6 billion to 20,129 beneficiaries in Bauchi alone.
The federal government, in collaboration with BOI, has also allocated N75 billion for a new loan program targeting 70,000 MSMEs across the country, offering loans of one million naira each, repayable over three years.
Bauchi State Governor, Bala Mohammed, represented by the Commissioner for Cooperatives, Sadiq Shira, commended the initiative as a pivotal moment for economic empowerment.
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He underscored the critical role of MSMEs as economic drivers, creating jobs and promoting innovation. “We reaffirm our unwavering commitment to providing an enabling environment for this vital program,” Mohammed said.
The governor outlined steps taken by his administration to boost the MSME sector, including infrastructure improvements, training programs, and partnerships between public and private sectors.
Key achievements under his administration include:
“Disbursement of N75 million in each of the 20 local government areas as part of the Kaura Empowerment programme, disbursement of N200 million in micro-grants to petty traders, disbursement of N500 million as soft loans to traders and artisans, organisation of the North East Zonal Trade Fair where more than 3,000 MSME ssuccessfully showcased their products and services, and the establishment of a CNG/LPG plant in Bauchi as part of our resolve and determination in supporting MSMEs.”
He explained that the CNG/LPG plant would provide a reliable and cost-effective energy source for tricycle operators, food vendors, transporters, new CNG entrepreneurs, and enhance energy security in the state, thus enabling SMEs to operate more efficiently and competitively.
Gov Mohammed also announced plans to revive entrepreneurial skills and acquisition centers and establish an SME one-stop shop to streamline business operations through integration with regulatory bodies like the CAC, PENCOM, and FIRS.
“This initiative is not just about financial support but a comprehensive strategy to equip our entrepreneurs with the tools and resources they need to thrive,” Mohammed concluded, pledging continued support to help MSMEs benefit fully from the scheme.