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.

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.

He said the initiative depicts the Governor Radda-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 statement said.

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%.

Culled from Daily Post