Katsina Unveils N5bn MSMEs Growth Fund

Francis Sardauna in Katsina

The Katsina State Government has launched 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.w

The Governor of Katsina State, Mr.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.

Radda said that the N5 billion intervention would not only ensure the sustainability of the micro, small and medium enterprises in the state, but 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 in the state.

The governor said that the state government would provide a N1 billion managed fund and N2 billion matching fund, while the BOI would 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 Corp volunteers have been identified in the first instance, across the 34 LGAs of the State, that is four per LGA. To reduce overhead cost, the BDS corp 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, Governor Radda reminded them that it was a loan and 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 Corp to provide comprehensive business development advisory services.”

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

Malumfashi said that 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.

She added: “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.”