The European Union (EU), in collaboration with the German International Cooperation Agency (GIZ), has unveiled a N200 million non-interest financing scheme to boost micro, small and medium enterprises (MSMEs) in Kano.
Yakubu Musa-Paiko, GIZ’s Access to Finance and Investment adviser, stated this at the inauguration of the financing scheme for MSMEs in the garment and leather value chains on Thursday in Kano.
Musa-Paiko explained that the scheme would be implemented under the Nigeria Competitiveness Project (NICOP).
NICOP was implemented in Abia, Kano, Kaduna, Lagos, Ogun, Oyo, and Plateau.
About 2,000 MSMEs are targeted to draw from the fund, with N20 million disbursed so far to 280 MSMEs in Kano.
Businesses in tomato, chilli, garment, and leather value chains were selected to participate in the project, said Musa-Paiko.
Read also: PIND supports smallholder farmers, SMEs to cushion effects of pandemic
“We are in Kano, in follow up on the work that we have been doing of improving the productivity and competitiveness of MSMEs in the leather and garment value chains,” he noted. “One of the challenges facing them is access to finance. We are partnering with JAIZ Bank to develop special support to such MSMEs.”
The main objective of the project is to boost MSMEs, thereby creating employment opportunities for the people.
In her remarks, Na’imatu Abdullahi, North-West Regional Manager, JAIZ Bank, emphasised the bank’s commitment to enhancing access to finance for the MSMEs in the country, noting that the project will create more jobs and reduce poverty.
Also speaking, Ibrahim Mukhtar, the Commissioner for Commerce and Industry, said the project was important to the development of the state considering the high population of its youths.
Mukhtar added that supporting MSMEs would assist in reducing unemployment and poverty among the people.
