The Katsina State Government has introduced a N5 billion growth fund for micro, small, and medium enterprises (MSMEs), alongside the Dikko Business Development Service (Dikko BDS). Governor Dikko Umaru Radda launched these initiatives on Wednesday at the state secretariat, emphasizing his administration’s dedication to empowering citizens and fostering sustainable socio-economic progress.
Governor Radda highlighted that the N5 billion intervention fund aims to ensure the sustainability and profitability of MSMEs in Katsina State. This initiative is a collaborative effort between the Katsina State Government and the Bank of Industry (BoI), featuring a N1 billion managed fund and a N2 billion matching fund from the state, supplemented by an additional N2 billion from the BoI.
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The program has already identified 10 promising MSMEs in each of the state’s 34 local government areas, following a thorough needs assessment. Additionally, the Dikko BDS Corps has recruited 136 volunteers, four from each local government area, drawn from local council staff. These volunteers are trained to provide comprehensive business development advisory services to ensure the successful utilization and repayment of the funds.
Governor Radda reminded beneficiaries that the fund is a loan, not a grant, and must be used judiciously. He also stressed the importance of the Dikko BDS Corps in supporting entrepreneurs to meet their repayment obligations.
A’isha Aminu Abdullahi-Malumfashi, Director-General of the Katsina State Enterprises Development Agency (KASEDA), described the fund as a beacon of hope for local entrepreneurs. She assured that the allocation process would be transparent and equitable, fostering a culture of trust and accountability.
“This initiative marks a new chapter for our MSMEs, enabling their potential and recognizing their contributions to our economy. Let’s seize this opportunity to drive growth, innovation, and prosperity,” Abdullahi-Malumfashi stated.
