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Katsina Govt moves to Strengthen MSMEs Businesses with N3.4BN

Katsina City News
30 Mar, 2024
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Katsina State Governor, Malam Dikko Umaru Radda, has approved the sum of N3.4 billion State Micro, Small and Medium Enterprises (MSME) Fund. The fund aims to support existing businesses with growth potential and startups in improving their working capital and sustaining their operations.

To achieve these objectives, the Malam Radda led government is partnering with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Bank of Industry (BOI) to build a robust and developed MSME sector for Katsina State.

Ibrahim Kaula Mohammed,

Chief Press Secretary to the Katsina state Governor disclosed this in a press statement following the 14th Executive Council meeting held recently.

The initiative depicts Governor Radda's led administration's recognition of the MSME sector's critical role in driving economic growth and development. Statistics show MSMEs employ about 80% of the workforce and contribute nearly 50% of the national GDP.

The N3.4 Billion revolving MSME fund will be raised jointly by the State Government and the 34 Local Governments Council. 30% of the counterpart funding will be contributed by the State Government while the LGAs will contribute 70%.

This move by the Katsina State Government demonstrates a strong commitment to fostering a thriving MSME sector, which is essential for creating jobs, promoting economic diversification, and stimulating sustainable growth in the state.