The Governor of Abia State, Dr. Alex Otti has officially launched the disbursement of the 1 billion naira interest-free loan under the state cooperative support scheme for 10,000 nano and micro business operators drawn from the 184 electoral wards of the State.
Speaking at the launch held at the International Conference Centre in Umuahia, the state capital, Otti noted that the scheme represents the practical commitment of the State Government to support its army of nano, micro, and small-scale entrepreneurs.
He said that beneficiaries were selected from among traders, farmers, and artisans and said the essence is to create wealth.
“Thousands of the beneficiaries selected for this batch are petty traders, farmers, and artisans who have over the years toiled on their own without the kind of structured support that their peers from other parts of the world take for granted.
“Our model is geared towards improving production, creating jobs and reducing poverty.”
Otti, who said that the scheme aligned perfectly with the strategic development agenda of his government which is geared at improving the welfare of the general populace, said the target was beyond now while the projection is to boost the economy.
“Our target is beyond the present number of beneficiaries, which is to reach about 100, 000 businesses directly over the next 36 months because we are optimistic that today’s beneficiaries will put in honest effort to repay the loans in time so that others can benefit.”