Wike approves CBN’s N2-billion MSMEDF loans to 35,000 small business owners

In a bid to empower small and medium scale business owners in Rivers State, Governor Nyesom Wike has approved the disbursement  of business  loans to not less than 35,000 less-privileged business operators under the CBN N2-billion Micro, Small and Medium Enterprises Development Fund (MSMEDF). 

Under the first phase, the Governor approved a list of 35,000 from the 23 local government areas of the State.

Amongst the beneficiaries are indigenes and non-indigenes resident in Rivers State.

The beneficiaries are small and medium scale business owners that include barbers, plantain sellers, restaurant owners, painters, tailors, hairdressers, traders, market women, mechanics, fishermen, farmers, among others.

The governor said these are the ordinary folks committed to developing themselves with the support of the government.

The empowerment loans approved by the governor are being distributed by the Rivers State Micro Finance Agency (RIMA).

The beneficiaries got their loans through microfinance banks such as: Cosmopolitan Microfinance Bank at Agudama Street, D/line Port Harcourt.
Governor Wike noted that the injection
of the N2-billion into the businesses of the less-privileged in the state has kick-started the expansion of many of these businesses.

The multiplier effect is already being felt by the people in the lower rung of the economic ladder, he stated; adding that the empowerment programme has led to employment opportunities, as several beneficiaries have expanded their businesses.

Prior to the disbursement of the loans, Governor Wike had organised a training session for all the beneficiaries on how to effectively use the loans to improve on their respective businesses.

BEN EGUZOZIE