Zulum Grants N814m to 9,154 MSMEs in Borno

Michael Olugbode in Maiduguri

Borno State Governor, Prof. Babagana Zulum has released grants worth N814 million to 9,154 micro, small and medium sized enterprises (MSMEs) to stimulate local businesses in the state.

The governor gave the grants yesterday at the launch of the, “Borno COVID-19 Action Recovery and Economic Stimulus,” programme, codenamed “BO-CARES.”

‘BO-CARES’ is Borno State’s domestication of the federal government’s ‘NG-CARES’, to mitigate the impact of the COVID-19 pandemic on the poor and vulnerable households and small scales enterprises.

BO-CARES, Zulum explained at the launch, hopes to minimise youth restiveness by boosting individual and cooperative businesses operated by youths.

The combined 9,154 beneficiaries were made up of 4, 024 tricycle operators through their Amalgamated Union of NAPEP riders, 3,130 operators of mobile phone repairers and retailers under the Borno State Association of GSM operators and 2,000 tailors from the Borno State Tailoring Association.

The Commissioner for Youth Empowerment, Sports Development and Poverty Alleviation, Borno State, Saina Buba, whose ministry coordinated the exercise, enjoined beneficiaries to put the grant into proper use to enhance their businesses.

Buba noted that Zulum had in three years disbursed 4.2 billion naira to numerous groups to stimulate Borno’s economy.

Managing Director of the Borno State Microfinance Bank, Dr. Bello Ibrahim added that Zulum’s administration established an ultra-modern mechanic village to boost MSME’s across Borno State.

In a goodwill message, Bank of Industry’s Project Manager, Ali Mustapha Bello, assured that the bank would provide support to improve local capacity in order to achieve the desired goal of the program.

Before yesterday’s release of N814 million to 9,154 MSMEs, Zulum had approved and disbursed funds for different economic empowerment initiatives.

Last year, 13,500 SMEs were empowered across Biu, Gwoza, Ngala and Jere Local Government Areas with N900 million. Also in same 2021, Zulum had disbursed N350 million to about 4,250 artisans and traders of different categories and locations within Maiduguri Metropolis and Jere Local Government Areas.

The governor had also distributed 100 brand new Toyota Taxis and 500 Keke NAPEP (Motorcycles) at 50 per cent subsidised repayment in Maiduguri and another 40 cars and 40 Keke NAPEP in Biu.

In 2020, Zulum had also disbursed N1 billion to 7,200 SMEs drawn from Maiduguri’s Monday Market Traders Association, Budum Market Traders Association, Babban Layi Textile Dealers Association, Animal Feeds Sellers Association, Metro Plaza Market Association, Customs Vegetable Dealers Association, MAISANDARI Youth Development Association, Borno State Women Empowerment Association, Barracks Women Traders Association, Borno State Firewood Sellers Association, Baga Road Small Scale Traders and Tashan Bama Tipper Drivers Association.