Borno State Government has disbursed a total of N1billion to support 15,861 traders affected by Boko Haram conflicts in its efforts to revamp their businesses.
The State Governor, Prof. Babagana Zulum, while flagging-off disbursement of loans to 12 traders’ unions and associations by the government, in collaboration with Bank of Industry, (BoI) in Maiduguri urged the umbrella bodies of the beneficiaries to monitor the activities for judicious utilization of the loans.
The governor said: “I am very pleased to announce another ground breaking occasion of flagging off of N1 billion first tranches of N2 billion loan to small and medium scale entrepreneurs by Borno state government and BOI.
“The credit facility is aimed at reviving business activities in Borno State, encouraging employment opportunities by the private sector and expanding the horizon as well as scope of sources of income of our teaming unemployed youths.
“Today, 15,861 individuals who are members of 12 trade unions and association are expected to benefit from this disbursement amounting to N994,930,000. This loan is interest free and is payable in 4 years with moratorium period of 6 months within which business are expected to pick up and generate profits.” Zulum said.
The representative of Managing Director BOI, Maina Mohammed, assured the state government that the last trenches of the loan would soon be released.
He said: “We have equally tackled our efficiency base, with the consequent reduction in our cost-income-ratio (CIR) from 87.28 percent in 2018 to 80.21 percent in 2019. We have equally delivered stronger Return on Equity (RoE) of 13.57 percent during the year (a significant increase of over 100 percent when compared with that of 2018).”
