Akwa Ibom begins loan disbursement to support MSMEs

Akwa Ibom State Government has started the disbursement of interest free loans to small and medium scale enterprises as part of efforts to boost wealth creation activity and encourage the growth of small businesses.

The loan is meant to cater for 1,000 beneficiaries who are mostly traders with 65 percent meant for women while 35 percent is reserved for men.

Speaking during the presentation, Governor Udom Emmanuel said the loan which is revolving and interest-free, would increase the working capital of the traders and enable them excel in their businesses.

He announced that the state government would organise seminars on entrepreneurial development and financial management, to equip the traders with requisite skills that would help them grow their businesses and made a donation of a Toyota Hiace bus to the traders association.

Governor Emmanuel charged the beneficiaries to be prudent in the management of the fund to enable other beneficiaries access the loan and solicited their partnership in the administration’s determination to create wealth and improve the living conditions of its citizens.

In his remarks, Akan Okon, commissioner for finance said   the loan was sequel to the Central Bank of Nigeria (CBN) directive for the empowerment of entrepreneurs which he described as the engine room for economic growth.

He thanked Governor Udom Emmanuel for keeping his campaign promise with the traders and warned them against diversion of the funds to other needs.

The president of conference of traders, Christopher Usoro, in his speech pointed out that the traders have never had it as good as the Governor decided to provide them with liquid capital for their businesses and lauded him for including them in his development agenda.

ANIEFIOK UDONQUAK