The Federal Government has commenced the disbursement of the Government Enterprise and Empowerment Program,GEEP, loan in Abia State.
The loan is a collaboration of the office of Vice President, Bank of Industry and Abia State government.
Uzoma Nwagba, Chief Operating Officer GEEP at the event noted that 2907 loans have been disbursed to Abia, while 4946 loans are currently been disbursed to the state.
He said #380million has been spent on Abia with over #500million expected the spent at the end of the program.
Nwagba explained that 30, 000 loans would be disbursed to Abia before the end of the year.
Represented by his Special Adviser on MSME, Tola Johnson, the Vice President, Prof. Yemi Osinbajo highlighted that the loan is expected to be maximally utilized in improving businesses and ensure the reduction of unemployment rate in Nigeria.
He noted that Abia is vital to the development of Small and Medium Scale Enterprises in Nigeria.
Speaking at the event, Governor Okezie Ikpeazu said the loan is to help entrepreneurs in the state especially youths and women and enjoined them to make judicious use of the money.
He prayed God supports every venture that it would be invested in.
The Governor reminded the beneficiaries that the loan is not to solve problems but to be invested in businesses that would help them become contributors of the states economy.
He explained that the BOI is committed in investing more in Abia and that can only happen if the beneficiaries makes good use of the money.
Governor Ikpeazu disclosed there would be regular trainings and promised of the states continuous assistance to ensure that Abia makes good use of the money.
Thanked the vice president for considering Abia worthy of the program and assured that Abia would be the leading light of the program.
Recall that the Fed.Govt on Jan 25-26 launched the SME clinic in Abia to enhance and promote the growth of SMEs in Abia.
