The Bank of Industry (BoI) has disbursed N2.25 billion to support 16,696 Micro, Small, and Medium Enterprises (MSMEs) in Gombe State, as part of the Federal Government’s N200 billion loan scheme targeted at boosting MSMEs and reviving the country’s manufacturing sector.
This was disclosed at a town hall meeting held in Gombe on Friday, where BoI’s Managing Director and CEO, Dr. Olasupo Olusi, represented by North East Regional Manager, Mr. Mohammed Maina, addressed business owners on the benefits and accessibility of the facility. The sensitisation event is part of the broader campaign to encourage greater uptake of the Federal Government’s loan programme and enhance its impact at the grassroots.
According to the BoI, the disbursement aligns with President Bola Tinubu’s broader economic agenda to empower small businesses and reenergise local production. Olusi noted that MSMEs remain the foundation of the national economy, generating employment, driving innovation, and sustaining local livelihoods.
“This intervention is a strategic investment in Nigeria’s future,” Olusi said. “MSMEs constitute 96 percent of all Nigerian businesses, contribute 84 percent of employment, and nearly half of the country’s GDP.”
At the national level, over N107 billion has already been disbursed to nearly 900,000 beneficiaries across Nigeria’s six geo-political zones. The BoI says the goal is not just financial inclusion, but long-term economic growth, with particular focus on young entrepreneurs and underserved communities.
Olusi praised the Gombe State Government for its support, urging community leaders, youth associations, and MSME operators to champion the programme in their areas and ensure more entrepreneurs benefit from the opportunity.
Speaking at the meeting, Abdulwahab Sabo, Senior Special Assistant to Governor Inuwa Yahaya on MSMEs, described the initiative as timely, highlighting its impact on local businesses and the rural economy. He said the state government remains committed to enabling a supportive business environment for small and growing enterprises.
“MSMEs are the economic engine of Gombe. They are vital for job creation and youth and women empowerment,” Sabo said.
The event concluded with a question-and-answer session, where MSME operators directly engaged BoI representatives on loan access, eligibility, repayment structure, and obstacles affecting their businesses. The interactive session provided clarity to many participants, reinforcing BoI’s promise of continued partnership with small businesses across the state.
Observers say the disbursement in Gombe reflects a clear drive by the Federal Government to accelerate grassroots development, strengthen the country’s industrial base, and build a self-sustaining economy through the empowerment ofsmall businesses.
