Borno State Governor, Babagana Zulum has announced the release of N814 million to 9,154 owners of Micro, Small and Medium Enterprises (MSMEs) in order to fund local businesses and promote entrepreneurship.
The governor announced this on Tuesday on Maidiguri while handing over the grants to the MSMEs’ members in the state at the launch of the Borno COVID-19 Action Recovery and Economic Stimulus programme, tagged ‘BO-CARES.’
The Governor while restating BO-CARES is Borno’s programme of the Federal Government’s NG-CARES, an initiative created to cushion the impact of COVID-19 pandemic on the poor and vulnerable households and small scale enterprises.
He explained that the initiative will lessen joblessness among young people through supporting youth-run independent and cooperative firms.
The 9,154 beneficiaries include 3,130 operators of mobile phone repairers and dealers under the Borno State Association of GSM operators, 4, 024 tricycle operators under the Amalgamated Union of NAPEP riders. 2000 tailors from the Borno State Tailoring Association are among the others.
Saina Buba, the Commissioner for Youth Empowerment, sports development, and poverty alleviation, urged grant the beneficiaries to put the money to good use to grow their enterprises.
He said that during the last three years, the governor has disbursed an estimated N4.2 billion to several organizations to boost Borno’s economy.
Managing Director, Borno State Microfinance Bank, Dr. Bello Ibrahim said the state government established an ultra-modern mechanic village to boost MSME’s across Borno State.