Unemployment: Taraba govt, BoI begin issuance of cheques to entrepreneurs

Taraba state government in collaboration with the Bank of Industries (BoI) on Sunday began disbursement of N700 million to micro, small and medium scale entrepreneurs as part of efforts to check unemployment and boost the economy.

Speaking at the disbursement ceremony in Jalingo state governor Mr. Darius Ishaku, said the disbursement exercise followed a Memorandum of Understanding (MoU) signed by the state and the bank in June, 2015.

He said the initiative was in line with his “Rescue Mission” for the state aimed at creating job opportunities to reduce poverty among people of the state.

Ishaku who announced that the collaboration had the capacity of creating over 10,000 jobs to people in the state promised to set up a committee that would ensure that the objectives of the scheme were achieved.

Earlier, BoI Managing Director, Mr. Rasheed Olaoluwa, said the BoI paid 50 percent of funds while the state paid the remaining 50 percent.

Olaoluwa said the bank received over 100 applications from entrepreneurs and after rigorous screening, 46 applicants qualified to draw money from the scheme.

The MD noted that the MSME’s accounted for half of Nigeria’s labour force, contributing over 50 percent of the county’s Gross Domestic Product (GDP), urging Nigerians to take to businesses to grow the country’s economy.

At the first phase of presentation, cheques of over N1.5 million were presented to several entrepreneurs.