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CBN provides N10bn intervention funds to Kano to revive industries

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kano state governor, Abdullahi Umar Ganduje

In a bid to revive companies impacted by the COVID-19 pandemic in Kano state, the Central Bank of Nigeria (CBN) has provided N10 billion intervention fund to the state through the Investment and Diaspora, in partnership with the Foreign Commonwealth Development ((LINKS) and Manufacturers Association of Nigeria (MAN).

The Director General (DG) of KanInvest & Diaspora, Hajiya Hama Ali, on Monday, January 18, disclosed this in a meeting on Kano Turnaround Project.

Ali explained that 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.

The director also claims the initial N10billion would be increased after a meeting with CBN.

She said: “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 reach at least 50, from then we will see if they can exhaust the N10 billion or not.”

 

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