- * Promises More Economic Empowerment
By David Odama (In Lafia, Nasarawa State)
In order to take the teeming unemployed youths off the streets and to make them employers, the Bank of Industry (BOI) and the Nasarawa State Government have signed a N500 million Memorandum of Understanding (MoU), Micro, Small and Medium Enterprises to generate and stimulate economic potentials of the youths across the 13 local government areas of the state.
Signing the MOU in Lafia, Managing Director/Chief Executive Officer of Bank of Industry, Olukayode Pitan, explained that the rationale was to provide financial assistance to indigenous entrepreneurs, especially the teeming youths to engage in micro, small and medium businesses.
Pitan, represented by the General Manager, small and medium enterprising, north, Dr. Rislanudeen Muhammad, stated that the youth Revolving Fund scheme is a matching funds agreement between the state government and bank of industry. He added that both the Nasarawa state governor and the bank had contributed N250 million each for the fund.
Pitan maintained that the signing of the MoU is also targeted at addressing rising cases of unemployment, reducing poverty and increasing crime rate in the society. He added that when operational, the scheme would expand the scope and capacity of MSMEs in the state.
"The fund will be administered at a single-digit interest rate with a tenure of between 3-5 years. This matching funds will also target beneficiaries in the following sectors that have been identified as critical growth sector; manufacturing and processing; ICT; Digital Marketing and E-commerce; Transportation; Creative industry and Entertainment; Agribusiness; Healthcare and Fitness."
Others areas the fund will leveraged on include education; renewable energy; eateries, arts and crafts; Solid Minerals Processing amongst others," he declared.
Earlier, the state governor, Abdullahi Sule, disclosed that the state government had approved N250 million as counterpart contribution for the purpose.
The governor, while applauding the Bank of Industry for conceiving the idea, said the the initiative will add impetus to the state government drive towards wealth creation through investment and generation of employment.
His words: "Today’s occasion is significant as it is in tandem with the philosophy and vision of our Administration, particularly in the development of the youths through the creation of equal opportunities to realize their potentials for socio-economic development."
Governor Sule urged the prospective beneficiaries to make judicious use of the funds for the purpose it is meant for.
In her welcome address, the Senior Special Assistant to the governor and focal persons, Human Capital Development, Mrs. Habiba Balarabe-Suleiman, said the signing of MoU became a prerogative for every individual, unit, institution and Government, urging the state government to rise to the challenge of accelerating growth and development so that they could retain life and living, as well as maintain their relevance on the global arena.
Her words: "It is in this connection that the Human Capital Development Office works relentlessly to ensure that the human capital indices of the State are improved by at least 50% by the year, 2030". NNL.
