In an effort to enhance the micro, small, and medium enterprises across the 13 Local Government Areas of Nasarawa State, the state government, in collaboration with the Bank of Industry (BOI), has allocated N500 million in loans for state indigenes. This initiative includes a counterpart contribution of N250 million from the state government for the Youth Revolving Funds Scheme, matched by an equal contribution from the BOI.
During the screening of loan applicants in Lafia on Friday, Habiba Balarabe-Suleiman, the Senior Special Assistant to Governor Abdullahi Sule on Human Capital Development, emphasized that the fund aims to provide financial assistance to the youth for starting or expanding their businesses. She stated, “Today’s screening is part of the process of the N500 million Youth Revolving Funds Scheme. We evaluate business plans that are deemed viable and review the requested amounts. This ensures that we grant loans to deserving applicants who are prepared to enhance their businesses and repay the loans on time.”
Balarabe-Suleiman noted that over 200 indigenes would benefit from the approved funds in the first phase, with loans disbursed to successful applicants immediately following the screening and verification processes. “In the next two to three weeks, we should be able to make our first disbursement. We will provide loans to individuals who can repay them, allowing us to proceed with a second round of disbursements. Each round will benefit over 200 individuals, and the entire scheme is set to last for five years, enabling many people to benefit from this initiative,” she added.
Abdullahi Alhaji, the Nasarawa State Manager of BOI, also addressed the gathering, highlighting the partnership’s goal of encouraging youth entrepreneurship and fostering job creation. He explained that the loans would be offered at a single-digit interest rate, with a repayment period ranging from three to five years. Beneficiaries will come from various sectors, including manufacturing and processing, ICT, digital marketing and e-commerce, transportation, the creative industry and entertainment, agribusiness, and healthcare and fitness.
Alhaji expressed gratitude to the Nasarawa State Government for prioritizing youth empowerment and urged prospective beneficiaries to utilize the funds wisely if selected. Daniel Abraham, a prospective beneficiary who spoke on behalf of his peers, thanked the state government and BOI for the opportunity. He expressed satisfaction with the screening process and assured that, if granted the loans, they would be used effectively.
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