The Bank of Industry on Tuesday unveiled the disbursement of presidential grants and loans in Bauchi State.
During the event, the Bauchi State Manager of the Bank of Industry, represented by a staff member, Kabiru Saidu, explained that the grants and loans aim to empower one million micro, small, and medium enterprises (MSMEs) across the 774 local government areas of the country.
He said, “So far, the disbursement is ongoing. Some business owners have already benefited from the fifty thousand naira presidential grant in Bauchi and across the country.”
“The bank has disbursed a total of thirty-nine billion, two hundred and nineteen million, seven hundred thousand naira to 784,393 beneficiaries across the 774 local government areas in the country.”
He added that in the northeast region alone, “N5.7 billion naira has been disbursed.”
He continued, “In Bauchi State, the bank has disbursed N1,645,000 to 20,129 beneficiaries across the twenty local government areas.”
The manager highlighted that more grants are on the way and noted that a loan programme aimed at reaching 70,000 MSMEs across the country is currently in progress.
He stated, “N75 billion has been set aside by the federal government in collaboration with the Bank of Industry.”
“Every business that meets the assessment criteria is eligible for a loan of one million naira, repayable over three years,” Kabiru explained.
He urged business owners to follow the rules for the online application process to avoid disqualification.
Earlier, the state governor, Bala Mohammed, acknowledged that the Presidential Grants & Loans Scheme for MSMEs marks a significant milestone in fostering economic development by empowering entrepreneurs.
Represented by the Commissioner for Cooperatives, Sadiq Shira, the governor emphasised that the Bauchi State government recognises MSMEs as the backbone of the economy.
“They create jobs, drive innovation, and contribute to the overall growth of our state. Today, we reaffirm our unwavering commitment to providing an enabling environment that supports the smooth and effective implementation of this vital programme.”
“We understand that access to grants and loans is critical, but so too is the support network that surrounds our business community. Therefore, this initiative is not merely about financial support; it is a comprehensive strategy aimed at equipping our entrepreneurs with the necessary tools and resources to thrive,” stated Mohammed.
He noted that his administration has achieved much in creating an ecosystem where MSMEs can flourish.
He said, “This includes improving infrastructure, providing training and capacity-building programmes, and fostering partnerships between the public and private sectors. Some of the milestones achieved by my administration include:
“Disbursement of N75 million in each of the 20 local government areas as part of the Kaura Empowerment programme, disbursement of N200 million in micro-grants to petty traders, disbursement of N500 million as soft loans to traders and artisans, organisation of the North East Zonal Trade Fair where more than 3,000 MSMEs successfully showcased their products and services, and the establishment of a CNG/LPG plant in Bauchi as part of our resolve and determination in supporting MSMEs.”
He explained that the CNG/LPG plant would provide a reliable and cost-effective energy source for tricycle operators, food vendors, transporters, new CNG entrepreneurs, and enhance energy security in the state, thus enabling SMEs to operate more efficiently and competitively.
The governor also noted his commitment to reviving entrepreneurial skills and acquisition centres in the state, including the establishment of an SME one-stop shop. This one-stop shop integrates all regulatory bodies (CAC, PENCOM, ITF, FIRS, etc.) to ensure entrepreneurs succeed in every available opportunity.
“For all of you here, we are ready to help you benefit maximally from this initiative,” he concluded.
During the event, the Bauchi State Manager of the Bank of Industry, represented by a staff member, Kabiru Saidu, explained that the grants and loans aim to empower one million micro, small, and medium enterprises (MSMEs) across the 774 local government areas of the country.
He said, “So far, the disbursement is ongoing. Some business owners have already benefited from the fifty thousand naira presidential grant in Bauchi and across the country.”
“The bank has disbursed a total of thirty-nine billion, two hundred and nineteen million, seven hundred thousand naira to 784,393 beneficiaries across the 774 local government areas in the country.”
He added that in the northeast region alone, “N5.7 billion naira has been disbursed.”
He continued, “In Bauchi State, the bank has disbursed N1,645,000 to 20,129 beneficiaries across the twenty local government areas.”
The manager highlighted that more grants are on the way and noted that a loan programme aimed at reaching 70,000 MSMEs across the country is currently in progress.
He stated, “N75 billion has been set aside by the federal government in collaboration with the Bank of Industry.”
“Every business that meets the assessment criteria is eligible for a loan of one million naira, repayable over three years,” Kabiru explained.
He urged business owners to follow the rules for the online application process to avoid disqualification.
Earlier, the state governor, Bala Mohammed, acknowledged that the Presidential Grants & Loans Scheme for MSMEs marks a significant milestone in fostering economic development by empowering entrepreneurs.
Represented by the Commissioner for Cooperatives, Sadiq Shira, the governor emphasised that the Bauchi State government recognises MSMEs as the backbone of the economy.
“They create jobs, drive innovation, and contribute to the overall growth of our state. Today, we reaffirm our unwavering commitment to providing an enabling environment that supports the smooth and effective implementation of this vital programme.”
“We understand that access to grants and loans is critical, but so too is the support network that surrounds our business community. Therefore, this initiative is not merely about financial support; it is a comprehensive strategy aimed at equipping our entrepreneurs with the necessary tools and resources to thrive,” stated Mohammed.
He noted that his administration has achieved much in creating an ecosystem where MSMEs can flourish.
He said, “This includes improving infrastructure, providing training and capacity-building programmes, and fostering partnerships between the public and private sectors. Some of the milestones achieved by my administration include:
“Disbursement of N75 million in each of the 20 local government areas as part of the Kaura Empowerment programme, disbursement of N200 million in micro-grants to petty traders, disbursement of N500 million as soft loans to traders and artisans, organisation of the North East Zonal Trade Fair where more than 3,000 MSMEs successfully showcased their products and services, and the establishment of a CNG/LPG plant in Bauchi as part of our resolve and determination in supporting MSMEs.”
He explained that the CNG/LPG plant would provide a reliable and cost-effective energy source for tricycle operators, food vendors, transporters, new CNG entrepreneurs, and enhance energy security in the state, thus enabling SMEs to operate more efficiently and competitively.
The governor also noted his commitment to reviving entrepreneurial skills and acquisition centres in the state, including the establishment of an SME one-stop shop. This one-stop shop integrates all regulatory bodies (CAC, PENCOM, ITF, FIRS, etc.) to ensure entrepreneurs succeed in every available opportunity.
“For all of you here, we are ready to help you benefit maximally from this initiative,” he concluded.