More than 27,000 small-scale entrepreneurs in Benue State have received financial lifelines totalling ₦1.35 billion under a national economic support initiative aimed at strengthening grassroots businesses.
This was disclosed in Makurdi during a town hall and media engagement focused on the government’s enterprise loan and grant programme.
Representing the chief executive of a major development finance institution, a regional manager explained that the initiative forms part of a broader ₦200 billion intervention targeting micro, small, and medium enterprises (MSMEs) across the country.
So far, around ₦107 billion has reportedly reached nearly 900,000 beneficiaries nationwide.
The fund is split into three key segments: a ₦50 billion grant earmarked for nano enterprises such as petty traders, tailors, and artisans, with ₦50,000 going to each qualifying individual; a ₦75 billion loan scheme for growing MSMEs offering up to ₦5 million in credit at single-digit interest rates; and a ₦75 billion facility designed to assist manufacturers grappling with rising operational costs, with access to funding as high as ₦1 billion.
The programme prioritizes inclusion, with a significant portion set aside for women, youth, persons with disabilities, and the elderly.
Organisers affirmed that despite ongoing hurdles, disbursements are on track for completion before the end of 2025, supported by industry groups and financial sector partners.
In her remarks at the gathering, the head of the state’s entrepreneurship bureau highlighted that over 75,000 residents had already undergone training in business development and digital skills. The Commissioner for Trade and Investment also reaffirmed the state government’s backing for small business growth and job creation.
