Sokoto State Governor, Aminu Tambuwal, yesterday commissioned the Sokoto state branch of Bank of Industry (BOI) and announced that the state has secured a N2 billion loan package.
Speaking at the inauguration ceremony, the Governor said that small and medium entrepreneurs would access the loan. He went on to say that the state government and the bank would contribute N1 billion each, adding that the programme was aimed at enhancing SMEs and to create employment. He also charged the beneficiaries to use the loan judiciously to enhance the socio-economic development of the state.
Meanwhile, Mr. Waheed Olagunju, the BoI Acting Managing Director, said that the bank targeted 40 projects to be funded, adding that seven projects were identified in Sokoto State for financial support. The projects are groundnut oil, animal feeds, leather products, rice processing, food processing, quarries and meat processing.
While receiving the management of the bank during a courtesy visit,the Sultan of Sokoto,Alh.Abubakar Sa’ad has commended the bank’s product programs and has solicited for its sustenance throughout the state.
This is coming on the heels of the BOI partnership with the NYSC and CBN to provide interest-free loans for corps members in a bid to encourage and develop the agricultural sector.