Nairmetrics reports that The Central Bank of Nigeria has disbursed the sum of N10billion to Kano companies affected by the pandemic, through a consortium of Kano Investment and Diaspora, in partnership with the Foreign Commonwealth Development and Manufacturers Association of Nigeria (MAN).
This was disclosed on Monday in Kano by the DG of KanInvest & Diaspora, Hajiya Hama Ali, in a meeting on the Kano Turnaround Project.
She said the target of the funds would be 50 companies and that the Kano agency would work with the affected companies to determine how much was needed for the economic turnaround. She also claims the initial N10 Billion would be increased after a meeting with CBN.
“We and our development partners came up with this initiative in order to support our affected industries, because it is worrisome to see our industries in this condition. Our agency has produced an Expression of Interest (EoI) form for interested companies, and that the deadline for the submission of applications is February 25.
“Our doors will be open to any company until the application reaches at least 50, from then we will see if they can exhaust the N10 billion or not.”
Through the initiative Kano’s economy will be greatly impacted by FG’s latest major infrastructural projects.
The FG revealed the Kano-Maradi rail would be completed in 36 months, and hoped that the 283km railway would also be used for the development of freight and passenger transport, and be integrated with road transport.