The Nasarawa State Government, in collaboration with the Bank of Industry, has set aside N500 million for loans to indigenes of the state in order to boost micro, small, and medium enterprises across the state’s 13 Local Government Areas.
The state government approved N250 million as a counterpart contribution for the Youth Revolving Funds Scheme, and the BOI also contributed N250 million.
During the screening of loan applicants in Lafia on Friday, Habiba Balarabe-Suleiman, Senior Special Assistant to Governor Abdullahi Sule on Human Capital Development, stated that the goal of approving the fund was to provide financial assistance to youths in the state for the start-up or expansion of their businesses.
“Today’s screening is part of the N500 million Youth Revolving Funds Scheme,” she explained. We examine the viability of business plans and the amounts requested.
“This is to ensure that we give loans to deserving applicants who are ready to grow their businesses and repay the loans on time.”
The SSA, which stated that over 200 indigenous peoples would benefit from the approved sum in the first phase, also stated that successful applicants would receive loans immediately following the screening and verification processes.
“In the next two to three weeks, we should be able to do our first disbursement. We will make loans to people who can repay them so that we can also make loans in the second round.
“The beneficiaries are over 200 for each round, and the whole scheme is for five years. As a result, many people will benefit from the state government’s and the BOI’s gesture,” she added.
Also speaking, Abdullahi Alhaji, the BOI’s Nasarawa State Manager, stated that the partnership aims to encourage youths in the state to become entrepreneurs and employers of labor.
“The loans will be administered at a single-digit interest rate for a period of 3-5 years. Manufacturing and processing; ICT; Digital Marketing and E-commerce; Transportation; Creative Industry and Entertainment; Agribusiness; Healthcare and Fitness, among others,” he added.
While expressing gratitude to the Nasarawa state government for prioritising youths’ empowerment, Alhaji urged the prospective beneficiaries to make judicious use of the funds when considered.
One of the prospective beneficiaries who spoke on behalf of the others, Daniel Abraham, while thanking the state government and BOI for the opportunity, expressed satisfaction with the screening process and promised to put the funds into good use if given the loans.