Governor Dikko Radda of Katsina State, has launched the ₦5bn Katsina State SME Growth Fund as well as the DIkko Business Development Support Corp Intervention Programmes, an initiative aimed at empowering small and medium-scale enterprises in the State.In this intervention programmes, entrepreneurs will be provided with financial resources, business development services, and access to markets.
He, however, highlighted the challenges hitherto faced by the government in coming up with the initiative which include limited access to finance, inadequate business development support, and a lack of tailored support. The rest are: launching an Employability Project aimed at enhancing job skills among youths, organising SME Fairs and Clinics to provide a platform for networking, peer review, and interaction with regulatory agencies.
He therefore described the Dikko BDS Corp, as an intervention program designed to transform the economic landscape of the State which he said, is expected to provide tailored support and comprehensive business development services to MSMEs, particularly in underserved communities. “In the same vein, the second initiative launched is the Katsina State N5 Billion SME Growth Fund, a matching and managed fund collaboration between the Katsina State Government and Bank of Industry . Dedicated to fostering the growth and development of SMEs by providing essential financial resources and support, the Fund is designed to:
“As a pilot, 10 MSMEs with growth potential have already been identified through a proper needs assessment in each of the 34 local government areas of Katsina. These “low hanging fruit” businesses are expected to generate employment and wealth quickly with the injection of funds”, he noted. Governor Radda stressed the importance of responsible loan repayment, as the Fund is designed as a revolving fund, stating that, timely repayments will ensure the program’s sustainability and support future entrepreneurs.