Governor Dikko Radda Of Katsina State Unveils N5 Billion Loan Scheme, Launches Dikko BDS Corp for Holistic SME Development

 GOVERNMENT HOUSE KATSINA PRESS RELEASE

In a transformative move aimed at reshaping the economic landscape of Katsina State, Governor Dikko Umaru Radda has launched the N5 Billion Katsina State SME Growth Fund and the Dikko BDS Corp Intervention Programmes. These initiatives are designed to empower small and medium-sized enterprises (MSMEs) in the state by providing them with crucial financial resources, comprehensive business development services, and enhanced market access.

Empowering MSMEs: The Backbone of the Economy

Governor Radda emphasized the pivotal role of MSMEs in any thriving economy, noting the significant challenges they face, including limited access to finance, inadequate business development support, and a lack of tailored assistance. His administration is committed to addressing these issues through the newly launched programs.

He praised the leadership and management of the Katsina State Enterprise Development Agency (KASEDA) for their dedication and strong foundation, which serve as cornerstones in the state’s efforts to build a sustainable and thriving economic environment.

Key Initiatives to Foster Entrepreneurial Growth

Governor Radda disclosed several key initiatives to create a thriving entrepreneurial ecosystem in Katsina State:

• MSME Census: Conducting a comprehensive census to gather critical data on the needs and challenges faced by entrepreneurs.
• Cluster Mapping: Identifying and supporting business clusters with high growth potential across the 34 local government areas.
• SME Policy Formulation: Developing an SME Policy in line with the National MSME Policy.
• Employability Project: Enhancing job skills among youths through targeted projects.
• SME Fairs and Clinics: Providing platforms for networking, peer review, and interaction with regulatory agencies.

Boosting Production through Common Facility Centres

Recognizing the importance of Common Facility Centres in boosting production, Governor Radda’s administration has partnered with the Small & Medium Enterprises Development Agency of Nigeria to renovate, upscale, equip, and manage the Industrial Development Centre (IDC) in Katsina. State-of-the-art equipment has been provided in areas such as tailoring, garment printing, leather works, packaging, and agricultural processing. Upgrades to the access road and other facilities are underway, with official commissioning scheduled soon. Plans are in place to extend such facilities to the remaining two senatorial districts based on cluster mapping reports.

Revitalizing Youth Craft Village

To address the challenge of skills upgrade among youths, the Katsina Youth Craft Village is being revitalized under KASEDA’s oversight. This ensures that youths acquire essential skills and develop entrepreneurial mindsets. The government plans to support the Craft Village by purchasing products made by trainees. Additionally, entrepreneurship clubs will be stimulated in all educational institutions from primary to tertiary levels, fostering an “entrepreneurship from young” approach.

Launch of Dikko BDS Corp: A New Chapter in Economic Development

The launch of the Dikko BDS Corp marks a new chapter in Katsina State’s economic development. This intervention program will provide tailored support and comprehensive business development services to MSMEs, especially in underserved communities. The Dikko BDS Corp will offer:

• Advisory services
• Training
• Access to financial resources
• Market access
• Legal and regulatory compliance support

A total of 136 BDS Corp volunteers, identified across the 34 LGAs, will be equipped to provide on-the-spot advisory services to MSMEs. These volunteers, drawn from LGA Council staff, will receive continuous training and assist KASEDA with monitoring, evaluation, and bi-monthly reporting on entrepreneurs’ performance.

Katsina State N5 Billion SME Growth Fund

The Katsina State N5 Billion SME Growth Fund, a collaboration between the Katsina State Government and the Bank of Industry (BOI), aims to foster SME growth by providing essential financial resources and support. The fund’s contribution structure includes:

• N1 billion managed fund and N2 billion matching fund from the Katsina State Government.
• N2 billion matching fund from the Bank of Industry (BOI).

Ten MSMEs with growth potential have been identified as pilots in each of the 34 local government areas. Governor Radda stressed that this is a loan, not a grant, urging entrepreneurs to use the funds judiciously to expand their businesses. The Dikko BDS Corp will ensure success and repayment through comprehensive business development advisory services.

Economic Stability and Insecurity

Governor Radda emphasized the link between economic instability and insecurity. By creating economic opportunities and upscaling MSMEs, job creation, poverty reduction, and a strengthened local economy will foster social harmony and reduce criminality.

Appreciation and Future Vision

Governor Radda expressed sincere appreciation to the Bank of Industry for partnering with the state government on this crucial initiative. The Director-General/CEO of SMEDAN, Mr. Charles Odii, highlighted the vital role of MSMEs in the Nigerian economy and the challenges they face. He emphasized the importance of collaboration in achieving the vision of these initiatives.

Conclusion

The launch of the N5 Billion MSME Funds and the Dikko BDS Corp marks a significant step towards empowering Nigerian MSMEs and driving economic growth. With collective effort, these initiatives have the potential to create a thriving, inclusive, and resilient economy for Katsina State and the entire nation.

Attendees

The launch, held at Kofar Bai Conference Hall of the State Secretariat, was attended by MD NEXIM Bank Malam Abba Bello, representatives of the MD Bank of Industry, Katsina and Daura Emirs, Chairman APC Katsina State Lawal Daura, Chief of Staff Katsina Government House Abdullahi Tsauri, and former DG SMEDAN Mr. Wale Fasanya.

Signed by:

Ibrahim Kaula Mohammed Chief Press Secretary to Katsina State Governor

June 5th, 2024

Tags

Katsina State, SME Growth Fund, Dikko BDS Corp, Governor Radda, MSMEs, Economic Development, KASEDA, Entrepreneurship, Business Development Services

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