Kano secures N10bn CBN fund for ailing industries | Dailytrust

Kano secures N10bn CBN fund for ailing industries

The Central Bank of Nigeria (CBN)
The Central Bank of Nigeria (CBN)

Kano State has secured N10 billion intervention fund from the Central Bank of Nigeria (CBN) to revive industries that were affected the most by the coronavirus pandemic.

The Director-General of Kano Investment Promotion Agency (KANINVEST), Hajiya Hama Ali Muhammad, revealed this yesterday at a sensitisation meeting on the Kano Turnaround Project.

She said the fund was an initial intervention from the apex bank with a promise of more funds for ailing industries through the project.

The project is collaboration with the Manufacturers Association of Nigeria (MAN) and LINKS, a FCDO-supported programme.

She said her agency (KanInvest & Diaspora) is attracting new investments and retaining the current ones by providing adequate aftercare measures.

Hajiya Muhammad said forms for indication of interest would be available up to February 25 after which there will be one-on-one interactions with the industries.

President of MAN Engr. Ahmed Mansur said almost 50 per cent of companies have either reduced operation or shut down completely because of the COVID-19 pandemic. He noted that the intervention project would help MSMEs to reactivate and transform to a healthy condition.

Governor of Kano State Abdullahi Umar Ganduje charged the beneficiaries to ensure they judiciously utilised the loans, stressing that the era when company owners collected loans to buy cars or marry wives was over.

Also speaking, the Emir of Kano, Alhaji Aminu Ado Bayero, called on marketers in Nigeria and abroad to cooperate with the government in ensuring the success of the programme.

“We want to assure the government of the support and cooperation of the emirate council on anything that has to do with the development of our state and the country at large.”

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