The Borno State government has launched a N1bn economic support programme for small and medium scale businesses in the state.
Governor Babagana Zulum, who launched the second phase of the programme at the Palace of the Emir of Biu in Biu town on Saturday, charged the beneficiaries to invest the interest-free loan facilities wisely.
It would be recalled that the governor in 2020 released the sum of N1bn to kick-start the first phase where about 7,200 small scale businessmen benefitted.
He restated the determination of his administration to empower small scale businessmen and women as well as unemployed youths across the state.
He said 5,000 entrepreneurs from six local government areas of Biu, Gwoza, Gomboru Ngala, Monguno, Mobbar and Maiduguri metropolitan are expected to benefit.
“A total of N1bn was set aside for disbursement to about 5,000 entrepreneurs from six local governments of Biu, Gowza, Ngala, Monguno, Mobbar and Maiduguri Metropolitan Council,” Zulum said.
“Borno State government in collaboration with the Bank of Industry equally raised N1bn for disbursement to entrepreneurs in form of interest-free loans. Each party brought N500m,” he said.
Aside from launching the economic support in Biu, Zulum distributed over 80 commercial vehicles and tricycles to different beneficiaries as part of social protection and livelihood support.
He further announced that any beneficiary that repays 50 percent of the interest-free loan facilty will enjoy waiver of the remaining balance.
The commissioner for Trade, Investment, and Tourism, Yerima Kareto, enjoined the beneficiaries to put into proper use the loan facilities given to them to enhance their capital base.
