From Timothy Olanrewaju, Maiduguri
Borno State Governor, Babagana Zulum has announced the release of N814 million to 9,154 members of Micro, Small and Medium Enterprises (MSMEs), to stimulate local businesses and entrepreneurship.
Zulum 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, codenamed BO-CARES
The governor said BO-CARES is Borno’s domestication of the Federal Government’s NG-CARES, an intervention created to mitigate the impact of COVID-19 pandemic on the poor and vulnerable households and small scales enterprises.
He explained the intervention will minimize youth restiveness by boosting individual and cooperative businesses operated by youths.
The 9,154 beneficiaries include 4, 024 tricycle operators under the Amalgamated Union of NAPEP riders, 3,130 operators of mobile phone repairers and retailers under the Borno State Association of GSM operators. Others are 2,000 tailors from the Borno State Tailoring Association.
Commissioner for Youth Empowerment, Sports Development and Poverty Alleviation, Saina Buba, urged beneficiaries to our the grant into proper use to enhance their businesses.
He said the governor has disbursed estimated N4.2 billion to numerous groups to stimulate Borno’s economy in the last three years.
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.