The Bank of Industry (BoI) has allocated N2.25 billion to support 16,696 micro, small, and medium enterprises (MSMEs) in Gombe State, as announced by BoI Managing Director/CEO Dr. Olasupo Olusi during a meeting with the Gombe business community.
This funding is part of the federal government’s N200 billion loan scheme for MSMEs and manufacturing businesses, with over N107 billion disbursed to nearly 900,000 beneficiaries across Nigeria’s six geopolitical zones.
Olusi highlighted that the initiative, under President Bola Tinubu’s administration, aims to empower MSMEs and boost Nigeria’s manufacturing sector to drive economic growth.
He emphasized that MSMEs, which account for 96% of Nigerian businesses, 84% of jobs, and 50% of GDP, are vital for job creation, innovation, and economic vitality.
The program is designed to foster employment, creativity, and wealth, particularly for young entrepreneurs.
WHAT YOU SHOULD KNOW
The BoI’s disbursement of N2.25 billion to 16,696 MSMEs in Gombe State is a significant step toward fostering economic growth, job creation, and innovation in Nigeria.
As part of the broader N200 billion Federal Government Loan Scheme, this initiative underscores the critical role of MSMEs in Nigeria’s economy and reflects a strategic effort to empower young entrepreneurs and revitalize the manufacturing sector.
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