Sokoto Govt, BOI To Disburse N2b To Small Businesses | The Precision

Sokoto Government and the Bank of Industries (BOI) will
disburse the sum of N2b to support small scale businesses in the state.

Already, the state government said it has released its
counterpart fund of N1 billion to BoI for the scheme.

Malam Imam Imam, the Special Adviser on Media and Public
Affairs to Governor Aminu Waziri Tambuwal, stated this while fielding questions
from reporters in his office in Sokoto.

“All necessary processes have been concluded and 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.

“We hope to support these entrepreneurs to enable them
improve on their businesses. A large section of the beneficiaries will 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.

“As for all the beneficiaries, we believe this support will allow them to be more self-reliant
and create additional employment opportunities,” he added.

The media aide noted that the terms
of the MoU with the Bank of Industry stipulate that the N2b fund will focus on
micro, small and medium scale enterprises.

“This is important because SMEs are critical component
in implementing the industrialization policy of this administration.

“Sokoto state government is determined to give the people all the required
support to improve their businesses. The government thereby urges our
entrepreneurs, businessmen and women to partner with government to ensure the
success of this important policy,” he stated.

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Malam Imam said government will continue to explore avenues to support
businesses in the state, adding that government’s decision to set up SOSMEDA
was done to harness the potential in the sector for the benefit of the
citizenry.

“As you are aware, the
role of small scale enterprises in changing the fortune of a given society
cannot be over-emphasized. Globally, there has been decisive shift of emphasis
from the capital intensive, large scale industrial projects to small and medium
scale industries because of their enormous potentials for rapid and sustainable
development.

“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 added.