The Bank of Industry (BoI), on behalf of the Federal Government, has disbursed N2.25 billion to support 16,696 Micro, Small, and Medium Enterprises (MSMEs) in Gombe State, as part of the ongoing implementation of the N200 billion Federal Government Loan Scheme for MSMEs and manufacturing enterprises.
The News Agency of Nigeria (NAN) reports that this announcement was made by Dr. Olasupo Olusi, Managing Director and Chief Executive Officer of BoI, during a town hall meeting held in Gombe on Friday, aimed at sensitising business owners on the benefits and accessibility of the facility.
Represented by Mr. Mohammed Maina, North East Regional Manager of BoI, Olusi noted that the fund disbursement reflects President Bola Tinubu’s economic agenda to empower MSMEs and rejuvenate Nigeria’s manufacturing base.
“MSMEs bring life to the local economy. They create jobs, provide livelihoods, and drive innovation across sectors,” Olusi stated.
National Reach
According to the BoI boss, the Federal Government has disbursed over N107 billion to nearly 900,000 beneficiaries across all six geo-political zones of the country.
“Out of this, over 16,696 beneficiaries, valued at N2.25 billion, are from Gombe State,” he added.
Olusi described the loan initiative as a landmark intervention and a strategic investment in Nigeria’s economic future.
He explained that the goal is to unlock the potential of Nigeria’s business sector, particularly the MSME segment, which he said constitutes 96% of all Nigerian businesses, accounts for 84% of total employment, and contributes nearly 50% to the nation’s GDP.
The Bank of Industry is also ensuring that the scheme becomes a catalyst for innovation, employment, and inclusive prosperity, with a special focus on young entrepreneurs and underserved communities.
Olusi lauded the Gombe State Government’s proactive support and called on community leaders, youth groups, and MSME operators to serve as ambassadors of the intervention within their localities.
State and Stakeholder Reactions
Also speaking at the event, Mr. Abdulwahab Sabo, Senior Special Assistant to Governor Inuwa Yahaya on MSMEs, praised President Tinubu for the initiative, stating that it has had a measurable impact on Gombe’s grassroots economy.
“MSMEs are the backbone of Gombe’s economy. They create jobs and empower women and youths,” Sabo said, adding that the state government remains committed to enabling policies that encourage small business growth.
Knowledge Sharing and Guidance
- The event concluded with a question-and-answer session, where MSME operators engaged BoI officials on the loan application process, repayment terms, and challenges facing their businesses.
- Observers say the intervention demonstrates the Federal Government’s commitment to financial inclusion, grassroots development, and industrial revitalisation, as it seeks to build a resilient and self-sustaining economy driven by small and medium-scale enterprises.
