Over 10,000 nano and micro business operators drawn from the 184 electoral wards in Abia State are to benefit from a one billion naira interest-free loan under the state cooperative support scheme.
Abia State Governor Dr. Alex Otti while officially launching the disbursement of the fund held at the International Conference Centre in Umuahia, the state capital, said the beneficiaries were selected from among traders, farmers, and artisans and said the essence is to create wealth.
“Thousands of the beneficiaries selected for this batch are petty traders, farmers, and artisans who have over the years toiled on their own without the kind of structured support that their peers from other parts of the world take for granted.
“Our model is geared towards improving production, creating jobs, and reducing poverty,” Otti said.
He noted that the scheme represents the practical commitment of the State Government to support nano, micro, and small-scale entrepreneurs, and the projection is to boost the economy.
“Our target is beyond the present number of beneficiaries, which is to reach about 100, 000 businesses directly over the next 36 months because we are optimistic that today’s beneficiaries will put in an honest effort to repay the loans in time so that others can benefit,” he said.
Otti said that the scheme aligned perfectly with the strategic development agenda of his government which is geared at improving the welfare of the general populace.
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