Kano Receives N10bn Intervention Funds to Revive Industries.
The Central Bank of Nigeria (CBN) has approved a N10 billion intervention fund sought by the Kano Investment and Diaspora, in partnership with the Foreign Commonwealth Development ((LINKS) and Manufacturers Association of Nigeria (MAN) to revamp companies impacted by the Covid-19 pandemic.
On Monday, the Director General of KanInvest & Diaspora, Hajiya Hama Ali, while speaking at the sensitization meeting on Kano Turnaround Project, in Kanosaid the program, which was designed to revive companies that had been affected by COVID-19 pandemic, would target at least 50 companies.
She explained that the CBN initially donated N10 billion to the agency, for the project’s take-off, saying that the apex bank had agreed to also increase the fund.
“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 reached at least fifty, from then we will see if they can exhaust the N10 billion or not,” she explained.