KADUNA GOVERNMENT PARTNERS WITH BANK OF INDUSTRY TO BOOST ENTREPRENEURIAL DEVELOPMENT
The Kaduna State Government and the Bank of Industry have signed an agreement to raise N1billion Entrepreneurial Development Fund to boost the operation of small scale businesses in the state.
This is even as the development bank put the total loan portfolio to Small and Medium Enterprises in Kaduna state till date at N23.6billion.
Based on the term of the agreement, the Kaduna State Government raised the sum of N500million, while BOI matched it up with another N500million, totaling N1bn.
The fund, which will be given out as soft loans, is aimed at empowering small businesses in the state to, among other things, enable them process the abundant agricultural products that abound in the state, thereby arresting the colossal post-harvest losses occasioned by lack of crop preservation capacity.
Speaking during the signing of the MoU, the Managing Director, Bank of Industry, Mr. Rasheed Olaoluwa, stated that the pool of funds which would be given out as loans to SMEs operators would help to boost commercial activities in the state.
Apart from helping to empower the people of Kaduna State, the MD also noted that the injection of the fund would have multiplier effect on the people of the state while complementing the poverty reduction programme of the present administration.
He said: “This epoch-making occasion marks an important milestone in the annals of the socio-economic development of Kaduna State. The synergistic relationship that has evolved between your State and the Bank of Industry will provide the platform for the rapid financial inclusion of Kaduna State’s Bottom of the Pyramid and thereby accelerate the economic growth of the State. http://www.thisdaylive.com