The Federal Government has disbursed N2.25 billion to support 16,696 Micro, Small, and Medium Enterprises (MSMEs) in Gombe State, as part of its ongoing N200 billion loan scheme aimed at strengthening MSMEs and manufacturing enterprises across Nigeria.
The Bank of Industry (BoI), which is administering the scheme on behalf of the government, made this announcement during a town hall meeting held in Gombe on Friday.
Speaking at the event, BoI Managing Director and CEO, Dr. Olasupo Olusi—represented by Mr. Mohammed Maina, the North East Regional Manager—said the intervention aligns with President Bola Tinubu’s economic agenda to empower local businesses and rejuvenate the country’s industrial base.
“MSMEs bring life to the local economy. They create jobs, provide livelihoods, and drive innovation across sectors,” Olusi said.
Dr. Olusi disclosed that over N107 billion has so far been disbursed to nearly 900,000 beneficiaries nationwide, cutting across all six geo-political zones.
“Out of this, more than 16,696 beneficiaries in Gombe alone have received N2.25 billion,” he added.
He described the initiative as a landmark intervention and a strategic investment in Nigeria’s future, noting that MSMEs account for 96% of businesses in the country, 84% of total employment, and contribute nearly half of the national GDP.
The BoI CEO also emphasized the scheme’s focus on young entrepreneurs and underserved communities, positioning it as a tool for innovation, inclusive growth, and job creation.
Also addressing attendees, Mr. Abdulwahab Sabo, Senior Special Assistant to Governor Inuwa Yahaya on MSMEs, applauded the Federal Government’s initiative, describing it as transformative for Gombe’s grassroots economy.
“MSMEs are the backbone of Gombe’s economy. They create jobs and empower women and youths,” Sabo said, adding that the state government remains committed to policies that encourage the growth of small businesses.
The town hall meeting concluded with a question-and-answer session, where business owners engaged BoI officials on loan access procedures, repayment plans, and challenges affecting their operations.
Observers say the disbursement reflects the Federal Government’s drive toward financial inclusion, local enterprise development, and economic resilience led by Nigeria’s vibrant small business sector.