Sokoto banks to boost SMEs growth

State Governor Aminu WaziriBy AUGUSTINE OSAYANDE
ABUJA, (CAJ News) – THE Sokoto State government is set to establish three microfinance banks as well as a small and medium enterprises development agency.

State Governor Aminu Waziri Tambuwal disclosed the plan during an interaction with members of the Small and Medium Scale Rice Millers Association in Sokoto.

He disclosed the names of the three microfinance banks as Giginya, Fodiyo and Gudale.

Tambuwal said the institutions would enhance funding and stimulate the latent entrepreneurial capacity of the
people at the grassroot level.

He said the role of small scale enterprises in changing the fortunes of a given society could not be over-emphasized.

Tambuwal said of recent, there had been decisive shift of emphasis from the ‘lavish capital intensive, large scale industrial projects to small and medium scale industries’ because of their enormous potential for rapid and sustainable development.

“Apart from their potential for ensuring a self-reliant industrialization, small scale enterprises are also in a better placed to boost employment, guarantee a more even distribution of development in the state, especially the rural areas,” Tambuwal said.

Tambuwal also lamented the inability of agencies in Sokoto to cope with increased competition in the industry due to lack of capacity and high cost of raw materials which affect their productivity and profitability.

CAJ News

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