Katsina government disburses N2 billion loan to traders, small businesses – official

Katsina government disburses N2 billion loan to traders, small businesses – official

The state governor, Aminu Bello Masari, urged security agencies and health professionals to ensure compliance with the directive.

The Katsina state government says it has loaned N2billion to 90,677 merchants and small business owners in the state to boost economic activities.

Alhaji Abdulkadir Mohammed-Nasir, Governor Aminu Masari’s special adviser on economic empowerment, made this public, while briefing journalists on the achievements recorded by the department on Sunday in Katsina.

Mohammed-Nasir said that N2billion was a loan guaranteed by the CBN under the Micro, Small and Medium Business Development Fund.

He said that according to CBN guidelines, the loan had a global interest rate of nine percent.

“The governor kindly cut the interest component so that beneficiaries only pay the exact amount that was advanced to them,” said the assistant governor.

Mohammed-Nasir said the loan was disbursed through 18 microfinance banks operating in the state.

He said that according to the guidelines, 60% of the amount was disbursed to women and 40% to men.

He said the beneficiaries included entrepreneurs under the auspices of People Living with Disabilities, organized trade associations, goat herding and unemployed female graduates.

Others are religious organizations, state cooperatives, local government cooperatives, unemployed youth, and entrepreneurs.

She said the schools’ poultry and fishing demonstration program, as well as women poultry farmers, also benefited.

He said the program was successful because most of the beneficiaries had successfully expanded their businesses.

Mohammed-Nasir said the administration will continue to support small and medium-sized enterprises to improve economic activities.

He said such efforts would also help reduce poverty among the people of the state.

Get more stories like this at Twitter