Borno, BOI to raise N1b for SMEs in 7 LGAs


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Borno government and the Bank of Industry are to raise one billion naira through equal contribution for the purpose of enhancing small and medium entrepreneurs in seven local government areas of the state.

This was the outcome of a meeting between Governor Babagana Umara Zulum and a delegation of the BOI led by the bank’s Executive Director, small and medium enterprises, Mr Shekarau Dauda Umar on Wednesday in Maiduguri.

Both parties will contribute N500m after which the funds will be disbursed in form of loans to eligible entrepreneurs.

In the pilot scheme of the disbursement, business owners from Monday Market, Gamboru Market, Tashan Bama, Tashan Baga, Budum, firewood and vegetable sellers all in Maiduguri are penciled to benefit.

The second phase of the program will focus on entrepreneurs in Biu,Ngala, Monguno, Dikwa, Bama and Gowza.

Governor Zulum had on December 5, 2019 visited the Bank’s headquarters in Abuja, where he made a special case for citizens of Borno State given the challenges of insurgency which has made thousands of people lose their means of livelihood.


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