Sixteen Small Scale Industries in Kogi State, on Tuesday, got over N57.2m from the Bank of Industry N2 billion loan scheme for small scale entrepreneur
The amount distributed was part of N1billion contributed by the bank and the counterpart fund of another N1billion from the state government to encourage young entrepreneurs and to provide job opportunities for army of youths unemployed
The money received by the entrepreneurs range from N2.5 million to N8 million each and it has 5 per cent interest rate
During the distribution of cheques to the beneficiaries, the state governor, Alhaji Idris Wada, urged them to ensure prompt payment in order to give others same opportunity.
The governor explained that through the Kogi Youth Empowerment programme a lot of youths in the state today are owners the small scale businesses specifically in the areas of agriculture, such as fishery, gari processing and rice farming.
The Director of Micro, and Small Scale Enterprises Directorate of the bank, Mr Waheed Olagunju, who represented the Managing Director, disclosed that what the beneficiaries enjoyed was the outcome of the Memorandum of Understanding signed between the Kogi State government and Bank of Industry.
He disclosed that the state government paid a total of N500 million in two tranches.
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