Micro, Small and Medium scale enterprises in Sokoto are to get N2billion Sokoto Government and the Bank of Industries (BoI) support.
Governor Aminu Waziri Tambuwal on Thursday, revealed that the state government had released its counterpart fund of N1 billion to BoI for the scheme and that all necessary processes had been concluded.
"We expect disbursements to start soon after a thorough screening by both the Sokoto State Small and Medium Scale Enterprises Development Agency (SOSMEDA) and the BoI.
He described SMEs as critical component in implementing the industrialization policy of the administration.
“Apart from their prospect of ensuring a self-reliant industrialization, in terms of ability to rely largely on local raw materials, small scale enterprises are also in a better placed to boost employment and guarantee a more even distribution of development in the state, especially the rural areas,” he stated.
He said the terms of the MoU with the Bank of Industry,stipulated that the N2b fund would focus on micro, small and medium scale enterprises.
Tambuwal asserted that the move was to support the entrepreneurs to enable them improve on their businesses.
According to him, large section of the beneficiaries would be women.
"By engaging more female entrepreneurs, government is seeking to enhance their economic status which will have ripple effect on the economy of the state in general, "he explained.
He noted that the gesture would ensure all beneficiaries to be more self-reliant and create additional employment opportunities. e
The governor reiterated state government’s commitment towards giving the people all the required support to improve their businesses.
He called on entrepreneurs, businessmen and women to partner with government to ensure the success of the policy.
