By Dauda R. Pam, Maiduguri
The Borno State Government in conjunction with the Bank of Industry has disbursed N1billion to 15,861 beneficiaries from 12 trade unions and associations in Borno State.
The state Governor, Professor Babagana Zulum at the flagging-off ceremony held at Government House, Maiduguri said, the credit facility was aimed at reviving business activities in the state, encourage employment opportunities by the private sector and expand the horizon as well as scope of sources of income of our teaming unemployed youths.
He said the loan is interest free and payable in 4 years with moratorium period of 6 months within which bussineses are expected to pick up and generate profit.
The Governor announced that any individual who is able to settle the amount within the stipulated time will enjoy 50% waiver and shall automatically qualify for another loan, adding that the state government in its commitment to the empowerment of women and youths is presently in a high level talks with the Central Bank of Nigeria, African Development Bank, Islamic Bank and World Bank to create more windows of opportunities to small and medium scale entrepreneurs in line with global best practices for the overall benefits of the oeope of the state.
Earlier the Borno State Commissioner for Trade and Investment, Hon Yerima Kareto said the Bank of Industry has partnered with the state government through Governor Zulum to help and recapitalise this important sector.
He said the loan is interest free and payable in 4 years with moratorium period of 6 months within which bussineses are expected to pick up and generate profit.
The Governor announced that any individual who is able to settle the amount within the stipulated time will enjoy 50% waiver and shall automatically qualify for another loan, adding that the state government in its commitment to the empowerment of women and youths is presently in a high level talks with the Central Bank of Nigeria, African Development Bank, Islamic Bank and World Bank to create more windows of opportunities to small and medium scale entrepreneurs in line with global best practices for the overall benefits of the oeope of the state.
Earlier the Borno State Commissioner for Trade and Investment, Hon Yerima Kareto said the Bank of Industry has partnered with the state government through Governor Zulum to help and recapitalise this important sector.
The commissioner said out of the 12 trade unions and associations, Monday Market Traders Associated got the lion share of over N450 million followed by Babban Layi Textile Association with over N250 million and the least is Barracks Women Association with over N7 million while the highest individual beneficiary will get N1.5 million while the least is to get N30,000.
Also,the Managing Director of the Bank of Industry represented by the Manager Maiduguri office, Alhaji Maina Kamsalem said the Northeast and Borno state in particular has suffered a lot of destruction by the decade-long insurgency and there is need to revive the economy and ensure sustainable economic recovery more especially women and youths, hence the partnership between the bank and Borno State government to rejuvenate the economy.
Speaking on behalf of the beneficiaries, the chairman, Babban Layi Textile traders Association, Professor Mustapha Kokori said the loan he said will serve as a catapult for the economic recovery of the state and assured that they will judiciously utilize the money to move their business forward.
Also,the Managing Director of the Bank of Industry represented by the Manager Maiduguri office, Alhaji Maina Kamsalem said the Northeast and Borno state in particular has suffered a lot of destruction by the decade-long insurgency and there is need to revive the economy and ensure sustainable economic recovery more especially women and youths, hence the partnership between the bank and Borno State government to rejuvenate the economy.
Speaking on behalf of the beneficiaries, the chairman, Babban Layi Textile traders Association, Professor Mustapha Kokori said the loan he said will serve as a catapult for the economic recovery of the state and assured that they will judiciously utilize the money to move their business forward.
