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Sokoto banks to boost SMEs growth

28 October 2015, 09:32Augustine Osayande

Abuja - The Sokoto State government is set to establish three microfinance banks as well as a small and medium enterprises development agency.

He disclosed the names of the three microfinance banks as Giginya, Fodiyo and Gudale.

State Governor Aminu Waziri Tambuwal disclosed the plan during an interaction with members of the Small and Medium Scale Rice Millers Association in Sokoto.

Tambuwal said the institutions would enhance funding and stimulate the latent entrepreneurial capacity of the people at the grassroot level.

Also read: Buhari meets Tambuwal over Sokoto ministerial nominee

He said the role of small scale enterprises in changing the fortunes of a given society could not be over-emphasized.

Tambuwal said of recent, there had been decisive shift of emphasis from the 'lavish capital intensive, large scale industrial projects to small and medium scale industries' because of their enormous potential for rapid and sustainable development.

"Apart from their potential for ensuring a self-reliant industrialization, small scale enterprises are also in a better placed to boost employment, guarantee a more even distribution of development in the state, especially the rural areas," Tambuwal said.

- CAJ News


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