Home News 16 Small Scale Firms Benefit from Kogi-BOI N57.2million Loans

16 Small Scale Firms Benefit from Kogi-BOI N57.2million Loans

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By Bayo Oyewale in Lokoja

No fewer than 16 Small Scale Industries have benefited from Kogi State and Bank of Industry 2 billion Loan scheme for Small scale and enterprises in the state.

A total of N57.2 million was shared among the 16 small scale entrepreneurs from N2.5 million to N8 million each with low interest of 5 percent.

Kogi State Governor Idris Wada has urged the beneficiaries to ensure prompt payment to enable other small firms benefit.

Wada, who gave the advice at the distribution of cheques to 16 small business entrepreneurs in Kogi at Government House in Lokoja, the state capital, stated that the state government is determined to take youths out of the street.

He explained that through the Kogi Youth Empowerment Programme YAD 4 KOGI, a lot of youths are owners of the small scale business in the areas of Agriculture, Fishery, Garri Processing and Rice farming.

The Director of Micro, Small Scale Enterprises Directorate of Bank of Industry, Mr . Waheed Olagunju, who represented the Managing Director, stated that what the beneficiaries enjoyed now started from 2009 Memorandum of Understanding between Kogi State and Bank of Industry with the aim of contributing N1 billion by the state government as counterpart funding while BOI was expected to contribute N1 billion.

Olagunju pointed out that the state government paid a total of N500 million in two tranches, adding that the purpose is to encourage young entrepreneurs and provide job opportunities.

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