From DAUDA PAM Maiduguri
The Borno State government, BOSG,in conjunction with the Bank of Industry,BoI,has disbursed the total sum of N1billion to 15,861 beneficiaries from 12 trade unions and associations in Borno state.
The state Governor, Professor Babagana Umara Zulum,at the flagging-off ceremony held at the multipurpose hall, Government House Maiduguri said,
“ the credit facility is aimed at reviving business activities in Borno state, encouraging employment opportunities by the private sector and expanding the horizon as well as scope of sources of income of our teeming unemployed youths”.
“Today 15, 861 individuals who are members of 12 trade unions and associations are expected to benefit from this disbursement amounting to N994,930,000,00. This loan is interest free and is payable in 4 years with moratorium period of 6 months within which bussineses are expected to pick up and generate profit”, the governor stressed.
He announced that any individual who is able to settle the disbursed amount within the stipulated time will enjoy 50% waiver and shall automatically qualify for another loan, adding that the Borno state government in its commitment to the empowerment of women and youths is presently in a high level talks with the Central Bank, African Development Bank.
The loan he said will also prepare our small and medium scale business operators for financial inclusion by making them bankable and inculcating into them the culture of using banks as sources of finance and that his administration is committed to creating more opportunities to the people of the state., with a view to expanding sources of their income, especially women and the teaming unemployed youths aimed at reducing the rate of unemployment indices to the barest minimum in line with his administration’s recovery, and resettlement programme.
Earlier the Borno state commissioner for Trade and investment. Hon Yerima Kareto said “the Bank of Industry has partnered with the Borno state government through Governor Zulum to help and recapitalise this important sector by earmarking N2 billion interest free Loan with a tenure of 4 years and a moratorium period of 6 months in his magnanimity.
“ This gathering is for the flagging off of 50 percent of the N2 billion to 15,861 beneficiaries while the remaining 50 percent is already in advanced stage for the economic recovery of the state”, he added
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.
