Borno, BOI to raise N1bn to empower SMEs in 7 LGAs

SADIQ ABUBAKAR, Maiduguri

Borno State Government and the Bank of Industry  (BOU) are set to raise one billion naira for the purpose of enhancing small and medium entrepreneurs in seven local government areas of the state.

This was the outcome of a meeting on Wednesday in Maiduguri between Governor Babagana Umara Zulum and a delegation from the BOI, led by its Executive Director, Small and Medium Enterprises, Mr Shekarau Dauda Umar.

Both parties at the meeting have agreed to contribute N500 million each, thereafter the funds will be disbursed in form of loans to eligible entrepreneurs. 

In the pilot scheme of the disbursement, business owners from Monday Market, Gamboru Market, Tashan Bama, Tashan Baga, Budum, firewood and vegetable sellers all in Maiduguri are penciled to benefit. 

The second phase of the program will focus on entrepreneurs in Biu, Ngala, Monguno, Dikwa, Bama and Gowza. 

It will be recalled that Governor Zulum had on December 5, 2019 visited the Bank’s headquarters in Abuja, where he made a special case for citizens of Borno State given the challenges of insurgency which has made thousands of people lose their means of livelihood.