In fulfillment of our campaign promises, we are pleased to announce the official disbursement of a ₦1,000,000,000 Interest-Free Revolving Loan. The initiative aims to empower 10,000 Nano and Small Scale Entrepreneurs across the 184 wards in the 17 Local Government Areas (LGAs) of Abia State. Through the scheme, the State Government will provide essential financial support to entrepreneurs, fostering business growth and economic development.
The Abia State Cooperative Support Scheme has been set up to address the financial difficulties faced by small-scale business owners in both rural and urban communities. Our focus is on enhancing business awareness at the grassroots level, recognizing that this approach is crucial for combating endemic poverty and addressing our worrisome unemployment rate. The selected beneficiaries for this batch include farmers, petty traders, and artisans from various parts of the state.
Our model emphasizes productivity, job creation, and poverty reduction. Beyond the current beneficiaries, our target is to directly impact approximately 100,000 businesses over the next thirty-six months. We remain optimistic that today’s recipients will diligently repay their loans, enabling others to benefit. Additionally, we aspire to expand our reach beyond the set target, potentially collaborating with international partners and donor agencies to broaden opportunities.
To ensure effective ownership and control of the scheme, we have strategically leveraged community-based cooperative societies for loan disbursement. Members must understand the consequences of deliberate loan defaults; a depleted resource pool affects the chances of other members benefiting.
The scheme aligns seamlessly with our strategic development agenda. We are committed to improving the welfare of our citizens at the grassroots level. Our administration rejects a scenario where a select few monopolize community resources while the majority wallow in poverty.
Special thanks to stakeholders and Hon. Ishmael Onuoha, the Coordinator of the scheme, and Senior Special Assistant to the Governor on Cooperative Societies, for their hard work in ensuring the success of the initiative.