110,000 Micro, Small and Medium Enterprises in the North-East part of Nigeria will receive the sum of N2.4bn from the Bank Of Industry.
There are six states in the North-East of Nigeria and they are, Borno, Adamawa, Yobe, Bauchi, Gombe and Taraba.
The empowerment programme is part of its strategies to reduce poverty in the region caused by insurgency as said by the Bank Of Industry
A BoI roundtable discussion on investment in the affected communities by Boko Haram conflict was held on Wednesday in Abuja. During the event Chairman of the bank, Aliyu Dikko in his address said, “the impact of the crisis had made it imperative for the bank to come up with a North-East rehabilitation fund”.
Furthermore, he stated the BoI intervention fund was an approach to support the development of the region.
According to Dikko, the bank would be able to transform the region through the intervention, by supporting businesses with zero-interest loans.
The fund will be tailored towards the peculiar needs of the region as it was being fashioned under the framework of the TraderMoni initiative.
The BoI boss noted that the human, social and economic losses to the conflict and the investments needed for recovery, peacebuilding and reconstruction of the North-East were overwhelming.
He stated that the damage and the psychological impact of the crisis had made the region to suffer an estimated output loss of N1.66trn, coupled with significant inflation.
The Chairman said, “Given our mandate to stimulate economic growth and sustainable industrial development, Bank of Industry has embarked on an economic revival plan for the North-East region. Our objective is to stem the spate of poverty and reduce the reliance of the indigenes on humanitarian aid.