On Tuesday, the Bank of Industry launched the distribution of presidential grants and loans in Bauchi State. Speaking at the event, Kabiru Saidu, a representative of the Bank's Bauchi State Manager, shared that the grants and loans are part of an initiative aimed at empowering one million micro, small, and medium enterprises (MSMEs) across the 774 local government areas nationwide.
He stated: “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.”
According to him, in the northeast region alone, “N5.7 billion naira has been disbursed.”
Kabiru went on to say: “In Bauchi State, the bank has disbursed N1,645,000 to 20,129 beneficiaries across the twenty local government areas.”
The manager emphasized that additional grants are forthcoming and mentioned that a loan program targeting 70,000 MSMEs nationwide is currently underway.
“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 encouraged business owners to carefully follow the online application guidelines to avoid disqualification.
Earlier, Governor Bala Mohammed of Bauchi State recognized that the Presidential Grants & Loans Scheme for MSMEs represents a major step forward in promoting economic growth by empowering entrepreneurs.
The governor, represented by the Commissioner for Cooperatives, Sadiq Shira, emphasized that the Bauchi State government regards MSMEs as the foundation 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,” Mohammed said.
He highlighted that his administration has made considerable progress in fostering an environment where MSMEs can prosper.
According to him: “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.”
Furthermore, He explained that the CNG/LPG plant would offer a dependable and affordable energy solution for tricycle operators, food vendors, transporters, emerging CNG entrepreneurs, and contribute to improving energy security in the state. This, in turn, would allow SMEs to operate more effectively and remain competitive.
Finally, the governor also reaffirmed his commitment to revitalizing entrepreneurial training and skills acquisition centers in the state, including the creation of an SME one-stop shop. This initiative will bring together all relevant regulatory bodies (such as the CAC, PENCOM, ITF, FIRS, etc.) to support entrepreneurs and ensure their success in seizing available opportunities.
Concluding, he said: “For all of you here, we are ready to help you benefit maximally from this initiative.”
