By Charly Agwam – Bauchi

The Federal government, through the Bank of Industry has begun the disbursement of one million naira loan to entrepreneurs in Bauchi in order to support their businesses and create job opportunities for youths.

Speaking during the awareness campaign for the programme in Bauchi on Wednesday, Project Officer of Bank of Industry Bauchi, Kabiru Musa noted that the scheme is targeting one thousand Bauchi entrepreneurs for empowerment with one million naira capital loan.

“We have just enlightened some of the beneficiaries. A couple of weeks ago, our Bank disbursed N,50,000 to some nano businesses within and outside the Bauchi metropolis. We are also enlightening them about the intervention fund.

“We are targeting about 1,000 beneficiaries. They will be screened before the loan will be disbursed. It has an interest rate of only 9 percent which will only start counting after the moratorium period,” he said.

On his part, the Commissioner of Cooperatives, Small and Medium Enterprise Development, Sadiq Shira welcomed the programme, saying that it will help to improve SMEs for sustainable future.

“We welcome the effort by office of the president in trying to improve our SMEs for a sustainable future,” he noted. “Looking at the cascading nature of the country’s economy, it’s a very important step.

“Here in Bauchi, we’re doing everything necessary to make sure that our businesses prosper. I believe that this scheme will help to revive businesses that are crumbling.”

Highlights of the event include hands-on training of the beneficiaries by representatives of Small and Medium Enterprise Development Association of Nigeria (SMEDAN) and Bank of Industry.