Monday, Nov 30th 2020 1:59 PM
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Market Digest Nigeria

Business

Sokoto govt releases N1 billion to support SMEs

Sokoto State Government has released the sum of N1bn to support small and medium scale enterprises in the state. The money is part of its counterpart fund in a N2bn intervention fund to be floated in collaboration with the Bank of Industries.

Speaking when he led officials on an inspection visit to SG Adiya Farms in Bodinga LGA of the state, Tambuwal said local businesses in Sokoto will soon access the funds to boost up their capital base and expertise. He said the funds will be made available to beneficiaries as soon as the BoI released its portion of the counterpart funds. “As we stated during the signing of MoU with the Bank of Industry last year, the fund will focus on micro, small and medium scale enterprises. “This is important because SMEs are critical component in implementing the industrialisation policy of this administration.

“Sokoto state government is determined to give the people all the required support to improve their businesses. I urge our entrepreneurs, businessmen and women to partner with government to ensure the success of this important policy,” the Governor added. Speaking on the SG Adiya Farms, Tambuwal commended the owner for maintaining standards and providing employment opportunities to many citizens of the state.

He said the government will partner with the organisation to train youths in agri-business and also avail it with loan facility to expand its operations for the benefit of the state. He added that the synergy created between the state government and the BoI would provide a veritable platform for Sokoto State to experience accelerated economic growth and transformation.

In his remarks, the Managing Director of SG Adiya Farms, Alhaji Abdullahi Adiya, said the farm has been at the forefront of service to the people of Sokoto for decades. He said it is a leading enterprise that produces chickens, eggs, milk, and packaged water among others. “We need government’s support to maintain our position as one of the leading farms not only in the North but in the country as a whole,” he added.

 

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