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Home Business News Business

CBN disburses N10bn intervention funds to Kano industries affected by pandemic

William Ukpe by William Ukpe
January 19, 2021
in Business
Dala Inland Dry Port set to take off after N2.3 billion investment - Kano Govt., DB to support 1.26 million farmers with $95 million
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The Central Bank of Nigeria has disbursed the sum of N10billion to Kano companies affected by the pandemic, through a consortium of Kano Investment and Diaspora, in partnership with the Foreign Commonwealth Development and Manufacturers Association of Nigeria (MAN).

This was disclosed on Monday in Kano by the DG of KanInvest & Diaspora, Hajiya Hama Ali, in a meeting on the Kano Turnaround Project.

She said the target of the funds would be 50 companies and that the Kano agency would work with the affected companies to determine how much was needed for the economic turnaround. She also claims the initial N10billion would be increased after a meeting with CBN.

  • “We and our development partners came up with this initiative in order to support our affected industries, because it is worrisome to see our industries in this condition. Our agency has produced an Expression of Interest (EoI) form for interested companies, and that the deadline for the submission of applications is February 25.
  • “Our doors will be open to any company until the application reach at least 50, from then we will see if they can exhaust the N10 billion or not.”

What you should know 

  • Kano’s economy could also be impacted by FG’s latest major infrastructural projects.
  • Nairametrics reported last week that the FG revealed the Kano-Maradi rail would be completed in 36 months, and hoped that the 283km railway would also be used for the development of freight and passenger transport, and be integrated with road transport.

Related

Tags: CBNCentral Bank of NigeriaForeign Commonwealth DevelopmentKanInvest & Diaspora

Comments 2

  1. Moh'd Dauda pele says:
    March 11, 2021 at 5:36 pm

    I am a man of peace, polite to people, willing to leave happy and walk on Earth with Humality.

    Reply
  2. Saidu shehu says:
    March 12, 2021 at 12:59 am

    10 million

    Reply

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