The Kano State government has unveiled plans to launch a N25 billion loan initiative aimed at supporting small-scale businesses, fostering entrepreneurship, and creating job opportunities within the state.
Adamu Kibiya, the Commissioner for Commerce, Investment, and Industry, shared the announcement during an interview on Aminci Radio, emphasizing the initiative’s alignment with the government’s efforts to rejuvenate Kano’s status as a hub for commerce and economic growth.
Key Details of the Initiative
- Allocation of Funds:
- 70% of the loan will be dedicated to small business enterprises, focusing on supporting existing ventures and fostering new startups.
- Target Beneficiaries:
- Small business owners, youths, and women are the primary beneficiaries of the program.
- Registration Process:
- Business owners are encouraged to register with the Ministry of Commerce, Investment, and Industry to access the loan.
- Registration aims to ensure transparency and direct support to genuine entrepreneurs.
- Economic Objectives:
- Revive Kano’s legacy as a leading commercial center in Nigeria.
- Promote economic development, job creation, and business expansion.
Launch Date and Expectations
While the official launch date for the initiative is yet to be announced, the government has assured stakeholders of its imminent rollout. The program is expected to significantly boost small-scale enterprises, strengthen entrepreneurship, and contribute to Kano State’s overall economic revitalization.
“This initiative is part of our commitment to promoting economic development and supporting small business owners, youths, and women in the state,” Kibiya stated.
The N25 billion loan initiative is poised to catalyze economic growth by empowering local businesses, reducing unemployment, and enhancing entrepreneurial activities. It marks a critical step in repositioning Kano as a vibrant commercial and industrial hub in Nigeria.
