Shettima gives N2bn interest-free loans to Borno traders

Borno State governor yesterday said the N2 billion loan his government recently accessed from the Central Bank of Nigeria (CBN) would be given as soft loan to traders whose fortunes were lost in the ongoing Boko Haram insurgency.

Gov. Kashim Shetttima said his government was concerned over the poor conditions of the citizens as a result of the insurgency, as such he has launched the disbursement of N2billion grant accessed from the central bank.

He said his government is going to shoulder the responsibility for the interests that would be accrued by the loans while citizens will only repay the exact amounts they access through the Borno State Renaissance Micro-Finance Bank established by Shettima in his first term.

The micro finance bank which was licensed by the CBN, documents, processes and manages the entire loans and recoveries.

The launching of the soft loan scheme took place in Maiduguri, the Borno State capital with 660 traders of the Maiduguri Monday Market benefiting in the first phase. Governor Shettima, his deputy,
Usman Mamman Durkwa and emirs at the event, made symbolic presentation of letters, granting the loans to the beneficiaries.

Spokesman of the governor, Isa Umar Gusau said in a statement that “the loans were meant to support citizens either into existing entrepreneurs or trained at the Maiduguri based CBN entrepreneurship development centre and ready to go into small and medium scale businesses to become self-employed.

“All citizens, particularly women and youths are the major targets of the loans which has repayment period as a key condition to be monitored by the micro finance bank located in Maiduguri.
“Governor Shettima equally announced free rents for traders at the Maiduguri Monday Market for a period of three months. The Borno State government owns the market, allocated shops and collects monthly rent from traders.
“The governor said he will approve external funds to run the market for the period of three months.
He said the decision was to cushion the effects of poor trading faced by traders as a result of reoccurring insurgency attacks.
“Earlier before the flag off of disbursements of the N2billion loans, the managing director, Borno Renaissance Microfinance Bank, Mrs Zainab Umar Kolo said that the sum of N126million was earmarked for the 660 beneficiaries who were screened for Monday’s exercise.