Mohammed Aminu
29 June 2008
Sokoto — Sokoto State Governor, Alhaji Aliyu Magatakarda Wamakko has assured of his administration's committment to revive ailing industries across the state.
He also lamented the dwindling commercial activities in the state, pointing out that a committee has been set up to review the ailing status of Sokoto State Supply Company and Investment Company, Savings and Loans Limited.
Speaking at the flag off of the disbursement of the N2 billion soft loans promised traders who suffered economic set back during the Sokoto central market inferno in 2006, Wamakko maintained that his administration has no intention to interfere in commercial ventures for any reason as it is duty bound to take responsive and encouraging decisions that would bring succour to the people through vibrant economic programmes.
He said the state economy has been bedevilled by a growing number of ailing industries and un-patronised small and medium scale ventures with consequent emerging un-employment, poverty and idleness among the youth which made the scenario pervasive.
He further lamented the level of illusiveness of facilities to finance ventures with attendant high interest rates, collaterals and short pay back periods that characterised banking system inspite of the growing number of Banks in the state.
According to him, the cardinal aim of extending the gesture was to complement the efforts of the traders, businessmen and women at enriching their working capital base and cash at hand to enable them accommodate large orders from various suppliers.
"The package has been part of my dream and campaign promise that I made at different occasions. It is aimed at cushioning the effects of the 2006 Sokoto Central Market fire disaster which serves as the bedrock of the state economy.
"It is worthy of note that the daily efforts put in by our indigenous businessmen in sourcing of finished goods from Lagos, Kaduna, Kano, Jos and Port Harcourtcould only be complemented if their working capital and their cash at hand could be improved to accommodate large orders", Wamakko added.
Wamakko stated that the N2 billion loan package was initiated by his administration in collaboration with Oceanic Bank in consideration of the dwindling commercial activities in the state and to serve as a way forward.
"We indeed requested for the loan of N2 billion from the bank within a period of 24 months so that trade groups, associations and some selected businessmen and women that were allocated shops in the renovated Sokoto Central market could be assisted with a working capital",he said.
While urging beneficiaries of the gesture to make judicious use of the loan scheme to impact positively on the economy of the state by creating jobs and reducing idleness, Wamakko promised that it will be a continous exercise.
In his remarks, Chairman Sokoto Traders Association, Alhaji Kabiru Hali jointly expressed appreciation to the state government for its determination in advancing the state forward by improving its economic actitivities.
He pledged to encourage and prevail on members and beneficiaries of the loans to reciprocate the gesture extended to them by fulfilling the terms and conditions of the scheme.
The loan was disbursed to different categories of traders as 90 traders collected N5 million each, 150 traders got N2 million, 25 got N1 million each, 100 traders got N500,000 each and N100,000 each was given as loan to 400 traders.
Be the first to Write a Comment!
Copyright © 2008 This Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
