Katsina Unveils N5bn MSMEs Growth Fund

• Warns beneficiaries against diverting funds

Francis Sardauna in Katsina

The Katsina State Government has launched a N5 billion micro, small and medium enterprises (MSMEs) growth fund and Dikko Business Development Service (Dikko BDS) to enhance the economic landscape of the state.

Governor Dikko Umaru Radda, while unveiling the programmes Wednesday at the state’s secretariat, reiterated his administration’s commitment to empowering the citizens and driving sustainable socio-economic growth.

He said the N5 billion intervention fund would not only ensure the sustainability of the micro, small and medium enterprises in the state, but will contribute significantly to the economic profitability of the state.

He explained that the MSMEs growth fund was a matching and managed fund collaboration between the Katsina State Government and Bank of Industry (BoI) in order to foster the growth and development of the MSMEs.

Radda said the state government will provide a N1 billion managed fund and N2 billion matching fund, while the BoI will be providing another N2 billion matching fund. 

He said: “Already, as pilot, we have, through proper needs assessment, identified 10 MSMEs with growth potentials in each of the 34 local government areas of Katsina. While the Dikko BDS Corp is an intervention programme that is poised to transform the economic landscape of Katsina State. 

“A total of 136 BDS Corps volunteers have been identified in the first instance, across the 34 LGAs of the state, that is 4 per LGA. To reduce overhead cost, the BDS Corps were drawn from the LGA councils staff and have been trained and will be continuously trained to take up the new additional responsibilities.”

While warning the beneficiaries not to divert the fund for other frivolities, Radda reminded them that it was a loan not a grant given to them, hence the need for judicious use of the resources.

To ensure that the entrepreneurs succeed and fulfil their repayment obligations, Radda said: “We have incorporated the Dikko BDS Corps to provide comprehensive business development advisory services.”

Earlier, the Director-General of the Katsina State Enterprises Development Agency (KASEDA), A’isha Aminu Abdullahi-Malumfashi, said the fund was a beacon of hope to entrepreneurs in the state.

She said the agency is committed to ensuring that the allocation of the fund is transparent, equitable and impactful thereby fostering the culture of trust and accountability.

According to Abdullahi-Malumfashi, “The N5 billion MSMEs Funds and the DIKKO BDS Vanguard represent a new chapter for our MSMEs, one where their potential is fully realised and their contributions are recognised and celebrated. Let us embrace this opportunity to drive growth, innovation and prosperity for our nation.”