By correspondent in Lafia.
The Director General (right) speaking at the occasion.
The Nasarawa State government has announced it’s commitment to continuously review the N500 million Youth Revolving Fund Scheme and ensuring that its objectives are met.
This initiative aims to support young entrepreneurs in accessing loans to stimulate economic growth and development throughout the state.
The Director General of the Agency, Habiba Balarabe Suleiman, made the remarks during a Town Hall meeting held at the Conference Hall of the Ministry of Local Government, Community Development, and Chieftaincy Affairs.
Launched in 2022, the Nasarawa State Youth Revolving Fund Scheme, established through the partnership of the Nasarawa State Government and the Bank of Industry, is part of the state government’s strategic efforts to equip youths and small-scale entrepreneurs with the necessary resources to enhance their businesses and spur socio-economic activities.
During the meeting, Balarabe emphasized the importance of adhering to the outlined procedures for obtaining the loan, which include proper documentation.
“I urge all participants not to be discouraged, as the Nasarawa State government is committed to ensuring the objectives of this scheme are realized,” she stated.
Highlighting the uniqueness of the initiative, the Director General encouraged participants to cultivate strong business ideas, register with the Corporate Affairs Commission, and responsibly repay their loans.
“The state government entered into an agreement with the Bank of Industry in 2022 to establish this ₦500 million youth revolving fund scheme.
“We have taken significant steps to educate our prospective beneficiaries, gathering feedback—both positive and negative.
“As a responsive government, we organized this Town Hall to share experiences and disseminate vital information about the financial regulations surrounding the youth revolving fund scheme,” she added.
Balarabe emphasized, “These funds are loans and not grants. “We do not want anyone to perceive this as free money; repayment is essential for enabling others to benefit.”
Regarding loan eligibility, she explained that it is open to all applicants who met the requirements set by the Bank of Industry.
The State Manager of the Bank of Industry, Abdullahi Alhaji, reiterated the bank’s commitment to supporting young entrepreneurs who fulfill the basic application criteria.
He stressed the importance of having a guarantor and a viable business plan to ensure successful repayment, while also commending the impressive repayment rates among beneficiaries from the first two batches.
During the meeting, applicants expressed concerns over issues they encountered during the application processes and asked why some applicants are yet to receive their funds.
Responding, the DG said it is majorly because guarantors presented by the applicants refused standing in for them and due to inappropriate CAC’s presented by applicants.
One of the beneficiaries, Emmanuel Tarisu of Emmynesco General Enterprises, who was awarded a N2 million loan in 2023, praised both BOI and the Nasarawa State Government for their support.
He urged others in the community to remain patient and be optimistic about the programme.
Maro Mishi, another participant, remarked on the valuable insights gained from the discussions.
The loan scheme features a N500 million revolving fund, with equal contributions of N250 million from both the Nasarawa State Government and the Bank of Industry.
Beneficiaries are required to pay a modest 5% service charge to BOI, while the Nasarawa State counterpart fund remains interest-free.
This initiative aims to empower local entrepreneurs and stimulate economic growth in the state.
