Kazeem Owoseni
The Nasarawa State Government in collaboration with the bank of industry, has come up with another business strategy, by setting aside a total sum of N500 million as loans, to be given to the state’s indigenes for improving micro, small and medium enterprises across the the thirteen Local Government Areas, in the State.
According to the report from the State Government, the State approved the sum of N250 million as counterpart contribution for the Youth Revolving Funds Scheme, BOI contributed the sum of N250 million as well.
The Senior Special Assistant to the Governor on Human Capital Development, Habiba Balarabe, while speaking during the screening exercise for the loan applicants in Lafia on Friday, stated that the fund was to provide financial assistance to the Youths in the State, to boost or expanding their existing businesses.
She explained that the screening exercise is part of the processes of loan disbursement, in order to ensure that the loans are being given to the deserving applicants, who will utilise the loan and pay back at the scheduled time.
While assuring the applicants that the loans will be disbursed immediately after the screening and verification exercise, the SSA added that over two hundred indigenes will benefit from the approved sum, in the first phase.
She said, “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.”
The Manager of BOI in the State, Abdullahi Alhaji, while speaking at the event, stated that the partnership was formed to encourage the Youths in the State in becoming entrepreneurs and employer of labour.
Alhaji said, “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.”
Alhaji advised the prospective beneficiaries to utilise the loan wisely, when considered and also appreciate the state government for prioritising the youths empowerment in the State.
However, one of the prospective beneficiaries, Daniel Abraham, who spoke on behalf of others, expressed satisfaction with the screening exercise, appreciated the state government and BOI for the great initiative and also promised to utilise the loan.
