Sokoto State Government and the Bank of Industry (BOI), are set to disburse N2 billion loans to small, medium and large scale entrepreneurs to boost industrial development.
The state’s Commissioner for Commerce, Industry and Tourism, Alhaji Aminu Bello, announced this at a news briefing to mark the two years in office of Gov. Aminu Tambuwal in Sokoto on Monday.
Bello said:”The BOI has concluded arrangement to contribute a matching fund of N1billion, plus the N1billion the state government will contribute to make the total N2billion.
”As soon as formalities regarding the facility are completed, disbursement will be made to the beneficiaries.”
The commissioner further said the newly established Sokoto Organic Fertiliser Production Plant at Kware Local Government Area will soon commence production.
He said, ”the project, which is a partnership between the state government and IML Company, has been completed.
“The plant is a public-private partnership between Sokoto State Government and IML Company, which is constructing the plant.
“The project is 100 percent completed while the factory has carried out test run process successfully. Thus, full operation will commence soon”, Bello said.
”The N250million plant would produce 15,000 metric tonnes of fertiliser annually as well as provide over 20,000 jobs.”
Bello said 100 per cent of the raw materials to be used in the production of the commodity would be sourced locally in the state.
According to him, apart from opportunity for wealth creation, the fertiliser factory would explore abundant natural resources in the state.
Bello further disclosed that the state government will hold 40 per cent equity shares in trust for the people of the state, while the remaining shares will be held by IML Ltd.
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