Federal Government Disburses N1 Billion to 1,000 MSMEs in Bauchi State through Bank of Industry

The Federal Government, in partnership with the Bank of Industry (BOI), has disbursed N1 billion to 1,000 Micro, Small, and Medium Enterprises (MSMEs) in Bauchi State, a move aimed at revitalizing small businesses and creating job opportunities across Nigeria’s 774 local government areas.

During a sensitization session for beneficiaries held in Bauchi, BOI Bauchi State Manager Mallam Isa Nadada emphasized that the program is part of the government’s wider goal to support 75,000 MSMEs, thereby boosting employment and economic resilience nationwide. 

Each beneficiary will receive a loan of N1 million with a favorable nine percent interest rate, repayable over three years with a six-month moratorium.

Mallam Nadada, represented by Project Officer Mr. Kabiru Musa, outlined the BOI’s broader mission beyond financial disbursement, noting its commitment to generating employment and reducing the burden on the federal government. 

"The interest rate is soft because it’s nine percent all-inclusive, whether it’s a term loan or working capital,” he explained, adding, “As I am talking to you now, I have successfully disbursed N1 million to four beneficiaries today who have met the requirements."

Nadada further detailed the application process, explaining that BOI officials conduct on-site assessments of applicants' businesses before final approval, ensuring that the loans are invested responsibly. 

Previously, the bank had also provided N50,000 grants to nano-businesses across Bauchi’s 20 Local Government Areas to stimulate grassroots economic growth.

Bauchi State Commissioner for Cooperatives, Small and Medium Enterprises Development, Mohammed Shira, praised the federal government’s efforts, asserting that the initiative not only addresses immediate needs but also establishes a foundation for long-term growth. 

“Together, we can build a sustainable framework that not only addresses the immediate needs of our businesses but also lays the foundation for long-term growth,” Shira said.

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has also pledged support, offering business development services to ensure beneficiaries maximize the funds’ impact. Abdulrasheed Aliyu from SMEDAN’s Bauchi office emphasized the importance of business training to enable recipients to make the most of their loans.

Speaking on behalf of the recipients, Ibrahim Musa expressed gratitude, noting that the funding will significantly benefit women involved in petty trading, enhancing economic opportunities within Bauchi State.