Tambuwal: Sokoto Government Spent N2 Billion On MSMEs Development

In the previous few years, the administration of Sokoto State has spent no less than N2 billion on the growth of entrepreneurship in the state.

The money spent on providing capital to entrepreneurs “and reactivating some dormant industries in the state” was raised by the government in partnership with the Bank of Industry and distributed to beneficiaries as a Micro, Small, and Medium Enterprises (MSMEs) Development loan.

Sokoto State Governor, Rt. Honorable Aminu Waziri Tambuwal, made the announcement on Saturday as he wrapped up a three-day entrepreneurship skills development training for 130 youths in the state hosted by the Sokoto State Small and Medium Scale Enterprises Development Agency (SOSMEDA) in the state capital.

According to the Governor, an additional N1.5 billion will be distributed soon to poor and vulnerable households, as well as MSMEs that have been “negatively impacted” by the Covid-19 outbreak.

The funds, supplied by the World Bank in response to a call for intervention by the Nigeria Governors’ Forum (NGF) for the provision of soft landings to states affected by the disease, will be available to potential recipients soon.

“I am pleased to inform you that Sokoto State has successfully completed the documentation for eligibility, and implementation will soon begin,” Gov. Tambuwal said, emphasizing that the funds would be distributed “as grants to 7,224 Entrepreneurs in Sokoto State.”

The Governor explained that the two initiatives are in recognition of the contributions of MSMEs in economic development and poverty alleviation in the state.

He went on to say that, in addition to opening up the vast rural areas of the state and creating a slew of job opportunities, they serve as launching pads for indigenous entrepreneurs to launch ventures in the manufacturing and production sectors and eventually attract investments through partnership.

In his address, Akibu Dalhatu, Special Adviser to the Governor on SOSMEDA, stated that the training was designed to strengthen the capacities of youth in the state and empower them through the acquisition of information communication and entrepreneurship skills that ensures an innovative approach to enterprise creation.