Abia State Governor, Dr Alex Otti, has officially launched the Disbursement of One Billion Naira Interest Free Revolving Loan under the State Cooperative Support Scheme for 10,000 beneficiaries.
The scheme, aimed at empowering women and young entrepreneurs targets Nano and Micro businesses across the state’s 184 wards,
Speaking at the Launch held at the International Conference Center, Umuahia, Governor Otti emphasized that the scheme represents his administrations practical commitment to supporting nano, micro, and small-scale entrepreneurs.
Otti who acknowledged the industrious spirit and potential of Abians, highlighted that 70% of the beneficiaries are women and young entrepreneurs and added that the scheme. would enhance their businesses, improve family incomes, and contribute to the economic growth of their communities.
“Our administration is very particular about developing the business-consciousness of the people at the grassroots because it is the most effective way to tackle the crisis of endemic poverty, and worrisome unemployment rate.
“As we had said many times before now, Ndi Abia are very industrious and will move mountains if given the right support.
“Today, we are now matching words with action by identifying no less than 10, 000 hardworking individuals who shall immediately benefit from a one billion naira interest-free credit facility to support their enterprises in different parts of the State.
“Our model is geared towards improving production, creating jobs, and reducing poverty to the barest minimum”, Otti stated.
The Governor who outlined plans to extend the scheme to 100,000 businesses over the next 36 months, urged beneficiaries to repay their loans to pave way for others to benefit and ensure the scheme’s sustainability.
“As soon as we begin to see a measurable rise in business consciousness amongst our people at the grassroots, we shall go into partnership with international development institutions and agencies to increase the pool of funds available for borrowing so that instead of initial 100, 000 direct beneficiaries projected for the next 36 months, we can raise the estimate to about a million, or more.
“Members must remember that when an individual deliberately defaults, the resource pool is depleted, and the chances of other members benefiting become thinner”, he cautioned.
The Governor however assured that appropriate mechanism for monitoring and assessment would be put in place and added that the Government is proposing to build a unique data-driven economic development model around the initiative to ensure it’s sustainability.
Also, the Commissioner for Women Affairs and Poverty Alleviation , Mrs. Blessing Felix, appreciated Governor Otti for being “consistently committed to the welfare of Abians“, as well as providing support and resources to run the scheme.
In his address, the Senior Special Assistant to the Governor on Cooperative Societies, Hon. Ishmael Onuoha, emphasized that the interest-free loan is not a handout but is structured to reward those who generate profits with additional funds.
Hon. Onuoha who described the initiative as commendable, expressed gratitude to Governor Otti for fulfilling one of his campaign promises by providing a revolving loan to create wealth noting that it is the first time one billion Naira has been allocated to support small business operators and boost the local economy.
Speaking on behalf of the beneficiaries, Pastor Mrs. Mercy Amalaha, thanked Governor Otti for the unprecedented gesture and urged fellow beneficiaries to make judicious use of the funds.
The event also featured the hand over of 15 brand new 18 -seater Buses to the Abia state harmonized task force.
