The Federal Government has disbursed over N1.2 billion to approximately 2,500 entrepreneurs in Sokoto State as part of its nationwide loan schemes aimed at boosting grassroots economic development.
This was disclosed by Mrs. Habiba Ismaila, the State Manager of the Bank of Industry (BOI) for Sokoto and Zamfara States, during a town hall meeting held in Sokoto on Friday.
According to Ismaila, the Federal Government, in collaboration with BOI, has introduced a series of loan schemes designed to enhance business opportunities across the nation. She revealed that the first phase of the N200 billion intervention included N50 billion disbursed as one-off conditional grants targeted at nano-businesses within the Micro, Small, and Medium Enterprises (MSMEs) sector.
“Approximately 2,500 small-scale business owners across Sokoto’s 23 local government areas have benefited from this initiative, each receiving N50,000 to promote grassroots economic growth,” she stated.
Ismaila further explained that the second phase of the intervention—valued at N75 billion—focuses on supporting MSMEs, with loan amounts now raised to N5 million under President Bola Tinubu’s directive.
“These single-digit loan facilities, with an interest rate of 9 percent, are complemented by ongoing tax reforms aimed at reducing the financial burden on businesses. The objective is to diversify Nigeria’s economy, create jobs, and increase foreign exchange inflows,” she added.
The schemes also include support for larger businesses, with a focus on creating jobs, revitalizing local communities, boosting exports, and promoting value-added industries.
Mrs. Ismaila cautioned potential beneficiaries to be vigilant against fraudsters demanding payments in exchange for loan access, emphasizing that all processes are transparent and equitable.
Speaking at the event, Mr. Muazu Barau, State Coordinator of the Small and Medium Scale Entrepreneurs Development of Nigeria, commended the Federal Government’s commitment to addressing the challenges posed by recent economic reforms.
“These initiatives reflect President Tinubu’s dedication to fulfilling the Renewed Hope Agenda, a core pillar of his governance vision for Nigeria,” Barau stated.
The Executive Secretary of Sokoto State’s Small Scale Enterprises Development Agency, Mr. Abubakar Balarabe, described the town hall meeting as a landmark event, showcasing one of the administration’s most impactful business support policies.
“It is crucial for all eligible entrepreneurs to apply confidently, as the selection process is rooted in fairness and equity,” Balarabe said, reiterating that MSMEs are the backbone of Nigeria’s non-oil economy and vital for driving innovation, economic growth, and job creation in sectors like agriculture, manufacturing, and services.
The meeting brought together stakeholders from various sectors, including representatives from the state government, entrepreneurs, and the banking and economic sectors, underscoring the widespread impact of the Federal Government’s business support initiatives.
