How GEEP micro credit supports MSMEs in Akwa Ibom

About 2,445 people in Akwa Ibom have accessed N125 million under the Government Enterprise and Empowerment Programme (GEEP) initiated by the Federal Government to improve micro small and medium enterprises (MSMEs).
Yemi Osinbajo, vice president, said about 2,445 Akwa Ibom citizens have benefitted from the programme across 62 associations in the state.
Osinbajo, who disclosed this at the Nationwide MSME Clinics for viable enterprises, Akwa Ibom edition in Uyo recently, said the programme, which was organised by his office in partnership with the federal ministry of industry, trade and investment and Akwa Ibom State, benefitted a number of Nigerians living in Akwa Ibom.

He said the loan, which is an intervention programme of the Bank of Industry (BoI), under the Government Enterprise and Empowerment Programme (GEEP), provides non interest credit facility to qualified Nigerians.
Osinbajo, who was represented by Tola Johnson, technical adviser to vice president on MSMEs, said Akwa Ibom is the 11th state that has benefited from the FG’s MSME clinic.
He said the essence of the programme is to bring together regulators in the MSMEs space to solve challenges related to the sector in any state.
He said the federal government would identify 100 good businesses and give them N500, 000 each to move them forward.
In his remarks, Gov. Udom Emmanuel of Akwa Ibom described micro businesses as the economic framework for building equitable corporate wealth in the economy.
Emmanuel said that more than 30,000 Akwa Ibom people have benefited from state government’s skills acquisition programme.
He further said the state government has committed huge resources to resolving soft loan facilities and outright business empowerment grants to various organised groups in the state.
Also speaking, Uloma Ike, group head, micro enterprises, BoI, said the GEEP has provided non interest loans of up to N100,000.
According to her, N50,000 each is targeted for first timers to qualify Nigerians in four target segments.
With a mandate to reach all the 31 local governments of Akwa Ibom State, Ike explained that the programme is part of efforts to grow small businesses to aid an improved standards of living, job creation and economic growth.

She said the intervention is in response to complaints by small business operators that over 80 percent of micro enterprises lack access to affordable credit, adding that “when the loans are available, they come at very high costs to the borrower”.
She said that the beneficiaries of the MSME are mostly market women, traders, artisans, youths and farmers.
Ike said that GEEP being executed by the Bank of Industry has a mandate to reach 1.6 million beneficiaries in all 774 local government areas of Nigeria.
“Most importantly, we want to see micro businesses grow. The growth of these businesses will lead to improved standards of living, and create more jobs and ultimately grow the economy of Akwa Ibom,”she stated.

ODINAKA ANUDU