BoI Disburses N2.25bn To MSMEs In Gombe

Published

5 months ago

May 2, 2025

Editor

The Federal Government, through the Bank of Industry, has disbursed N2.25 billion to support 16,696 Micro, Small, and Medium Enterprises in Gombe State.

The Managing Director and Chief Executive Officer of BoI, Dr Olasupo Olusi, confirmed this during a town hall meeting held in Gombe on Friday.

The meeting aimed to sensitise the Gombe business community about the N200 billion Federal Government Loan Scheme for MSMEs and manufacturing enterprises.

Olusi said the Federal Government, through BoI, had disbursed over N107 billion to nearly 900,000 beneficiaries across Nigeria’s six geo-political zones.

“Out of this, over 16,696 beneficiaries, valued at N2.25 billion, are from Gombe State,” he said.

Represented by Mr Mohammed Maina, North East Regional Manager of BoI, Olusi described the fund as a landmark initiative of President Bola Tinubu’s administration.

He stated that the initiative aims to empower MSMEs and revitalise Nigeria’s manufacturing sector as part of a broader economic growth strategy.

According to him, the scheme represents a strong investment in Nigeria’s future and a commitment to unlocking the business sector’s potential.

“MSMEs bring life to the local economy. They create jobs, provide livelihoods, and drive innovation across sectors,” Olusi noted.

He added that MSMEs account for 96 per cent of Nigerian businesses, 84 per cent of employment, and nearly half of the country’s Gross Domestic Product.

Olusi said President Bola Tinubu envisions an economy where local industries thrive, meet global standards, and every enterprise is empowered to succeed.

BoI, he said, is working to ensure the scheme becomes a catalyst for jobs, innovation, and prosperity, especially among young entrepreneurs.

He commended Gombe State Government’s support and urged MSME owners, community leaders, and youth groups to champion the intervention.

The Senior Special Assistant to Gov. Inuwa Yahaya on MSMEs, Mr Abdulwahab Sabo, praised President Tinubu for positively impacting Gombe’s local economy.

Sabo stated that MSMEs remain the backbone of the state’s economy by creating jobs and fostering entrepreneurship, especially among women and youths.

He said the Yahaya-led administration is committed to supporting initiatives that empower women and youths while encouraging business growth.

Abbas Abdul, Chairman of the Tea and Bread Association in Gombe, expressed gratitude to President Tinubu for the financial support.

Abdul, who received N50,000 six months ago, said his business has grown to N300,000, and he now plans to open a mini restaurant.

Adamu Abubakar from Dukku LGA, who engages in fabrication and welding, said the intervention saved him from high commercial bank interest rates.

Abubakar received a N5 million loan at nine per cent interest per annum and now plans to expand and employ more young people.

The News Agency of Nigeria reports that the town hall included a question and answer session on accessing loans and challenges faced by MSMEs.
(NAN)

Why I Won’t Attend Gaza Summit In Egypt — Netanyahu

Published

1 hour ago

October 13, 2025

Editor

Israel’s Prime Minister Benjamin Netanyahu will not attend Monday’s Gaza summit in the Egyptian resort town of Sharm el-Sheikh because it coincides with a Jewish holiday, his office said.

“Prime Minister Netanyahu was invited by US President Donald Trump to attend a conference in Egypt today,” his office said in a statement.

“The prime minister thanked President Trump for the invitation but said he would be unable to attend due to the timing coinciding with the start of the holiday” of Simhat Torah, which begins Monday evening and continues until sunset Tuesday.

Earlier, Egypt’s presidency said Netanyahu had been invited to attend following a call between US President Donald Trump, Egyptian President Abdel Fattah al-Sisi, and the Israeli premier.

AFP

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Fubara Names New Rivers SSG

Published

2 hours ago

October 13, 2025

Editor

The Rivers State Governor, Siminalayi Fubara, has approved the appointment of Benibo Anabraba as the new Secretary to the State Government.

The appointment was confirmed on Monday in a statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.

According to the release, Anabraba is scheduled to be sworn in today, Monday, October 13, 2025, at 4:00 p.m. at the State Executive Council Chambers, Government House, Port Harcourt.

The statement said, “His Excellency, Sir Siminalayi Fubara, GSSRS, Governor of Rivers State, has approved the appointment of Hon. Benibo Anabraba as Secretary to the Rivers State Government.

“The new SSG will be sworn in today, Monday, October 13, 2025, by 4:00 PM at the State Executive Council Chambers, Government House, Port Harcourt.”

The appointment follows Fubara’s recent reinstatement to office after a period of political and legal turbulence that led to his suspension under emergency rule declared by President Bola Tinubu.

Tinubu had, on March 18, 2025, declared a state of emergency in Rivers State, suspending the governor, his deputy, and members of the House of Assembly. He cited the prolonged political crisis between Fubara and his predecessor and political benefactor, Nyesom Wike, as the reason.

In Fubara’s place, Tinubu appointed retired Vice Admiral Ibok-Ete Ibas as Sole Administrator, with a mandate to restore political stability.

Recall that the immediate past administrator, upon assumption of office during the emergency rule imposed suspended all commissioners, special advisers, and assistants appointed by Fubara.

Ibas also dissolved boards and suspended heads of parastatals he met in office.

Since Ibas exited the state on September 18, the fate of Fubara’s appointees had remained uncertain. The Rivers State House of Assembly, at its first sitting after the lifting of the emergency rule, had called on the governor to submit a fresh list of commissioner-nominees for screening, alongside the 2025 budget for passage.

His return to the governorship has coincided with a flurry of administrative changes as the governor consolidates his team.

News

FG To Disburse ₦6.3bn Interest-free Loans To 21,000 Flood Victims

Published

2 hours ago

October 13, 2025

Editor

The Federal Government is set to disburse ₦6.3 billion in interest-free loans to 21,000 Nigerians affected by recent flood disasters across the country.

Minister of State for Humanitarian Affairs and Poverty Reduction, Yusuf Sununu, made this known on Monday in Abuja during a roundtable marking the International Day for Disaster Risk Reduction.

Sununu said the initiative aims to cushion the impact of flooding and enhance food security nationwide, Channels reports.

“In the next few weeks, 21,000 Nigerians will receive interest-free, collateral-free loans of ₦300,000 each.

“This intervention is designed to support farmers and strengthen communities affected by flooding,” he said.

The minister further revealed that the Federal Government, through the National Social Investment Programme, has reached over 8.1 million households with more than ₦300 billion in Conditional Cash Transfers.

“This support has improved the resilience, health, and education of many vulnerable households. The process will continue under the Hope Agenda of Mr. President,” Sununu added.

He also announced plans to empower internally displaced persons through a scheme that guarantees a market for their produce.

“Under our new collaboration with the Federal Ministry of Agriculture, IDPs will retain 30% of their produce while the government will off-take 70%, providing direct cash payments to the participants,” he explained.

In her remarks, the Director-General of the National Emergency Management Agency, Zubaida Umar, highlighted the growing threat of climate-related disasters and called for stronger preventive measures.

Umar noted that Nigeria faces increasing risks from climate change, conflicts, pandemics, and technological hazards, stressing that disaster management must shift from reactive to proactive approaches.

She also announced the launch of two key policy frameworks — the NEMA Strategic Plan (2025–2029) and the National Disaster Risk Reduction Strategy (2025–2030) to guide future disaster preparedness and resilience-building efforts.

“These frameworks promote innovation in financing, institutional collaboration, and risk-informed development,” she said, adding that NEMA is developing a National Risk Monitoring and Information Platform to enhance early warning and data-driven decision-making.

She further called for innovative financing options, including catastrophe bonds, climate funds, and blended finance models, to sustain disaster prevention and recovery initiatives.

The event, which focused on building resilience against climate-related disasters, was attended by Vice President Kashim Shettima, Deputy Speaker of the House of Representatives Benjamin Kalu, Zamfara State Governor Dauda Lawal, lawmakers, and international partners.

The PUNCH reports that 238 persons have lost their lives, while 135,764 others have been displaced following floods that swept through parts of the country as of October 10, 2025, according to figures obtained from the National Emergency Management Agency’s 2025 Flood Dashboard on Saturday.

NEMA reports that at least 409,714 people have been affected so far, with 826 sustaining various degrees of injuries and 115 reported missing across the country.

Flood-related deaths were recorded in multiple states, bringing the nationwide death toll to 238.