Nasarawa State Government has disbursed ₦50 million interest-free loans to six cooperative societies within the Akwanga Local Government Area .
The Director General, Nasarawa State Human Capital Development Agency, Habiba Balarabe -Suleiman, led the distribution exercise on Thursday, marking the third phase of the state’s financial inclusion intervention.
Addressing the beneficiaries in Akwanga, Suleiman emphasised that the intervention targets the “economic backbone” of the local government, the committed men and women driving small-scale businesses.
She explained that while previous intervention in Awe Local Government benefited 200 individuals, the Akwanga exercise has scaled up to reach approximately 400 beneficiaries through the selected cooperatives.
“The money we have given them is not a grant; it is an interest-free loan. We have seen the excitement in these men and women who were all carefully screened. We have every confidence that this group will be able to pay back this loan,” she clarified.
Balarabe -Suleiman further stated that the disbursement was tailored to the capacity of the recipient organisations.
According to the Director General larger cooperatives received ₦10 million based on their broader mandates and size while smaller cooperatives received ₦5 million aligning with their current scale of operations.
The Director General explained that the funds are structured as a revolving loan.
” This ensures that as the initial beneficiaries repay the capital, the agency can extend the same financial support to other citizens in different local governments, as well as broaden the reach within Akwanga in future phases,” she added.
She said to ensure transparency and strict adherence to the terms of the agreement, the State Ministry of Justice was present to oversee the proceedings with each participating cooperative providing legal representation to ensure all members understood the consequences of default and the specific conditions of the intervention.
Balarabe -Suleiman urged the beneficiaries to remain disciplined and utilise the capital strictly for business startup or expansion.
She expressed optimism that the intervention would serve as a catalyst for significant economic growth for the individuals involved.
”My advice to them is to stick to the objective of this intervention. With this injection of capital, their businesses will grow. Who knows? In the future, an individual may even be in a position to receive ₦50 million on their own merit,” she concluded.
Some of the beneficiaries including Comrade Joel Anji and Hauwa Jibril who spoke to The Voice appreciated the state government and promised to make good use of the funds.
The Voice reports that similar successful interventions was recently concluded in the Awe and Keana LGAs of the state.
