Governor Alex Otti has launched the N1 Billion Abia State Cooperative Support Scheme, offering interest-free loans to 10,000 nano and micro businesses. This initiative targets economic growth and entrepreneurship at the grassroots level.
Abia State, Nigeria — In a landmark event held at the International Conference Centre, Umuahia, Governor Alex C. Otti announced the official launch of the Abia State Cooperative Support Scheme. The initiative marks a significant step in the administration’s community-oriented economic rejuvenation agenda, providing N1 billion in interest-free loans to 10,000 nano and micro businesses across the state’s 184 wards.
The scheme is designed to support the state’s small-scale entrepreneurs, with 70% of the initial beneficiaries being women and young people. Governor Otti emphasized the importance of grassroots business development as a solution to poverty and unemployment. “Ndi Abia are very industrious and will move mountains if given the right support,” he stated.
The support scheme will provide financial assistance to a minimum of 50 entrepreneurs in each ward, enabling them to grow their businesses, support their families, and contribute to their communities’ economic growth. Thousands of petty traders, farmers, and artisans who have struggled without structured support will benefit from this initiative.
“Our model is geared towards improving production, creating jobs, and reducing poverty to the barest minimum,” Otti explained. He also highlighted the strategic use of community-based cooperative societies for loan disbursement to ensure effective ownership and control of the scheme.
Governor Otti’s administration aims to reach 100,000 businesses over the next 36 months, with a focus on women and young people, to empower households economically and unleash the creative energy of the young population. He called on beneficiaries to repay their loans promptly to enable others to benefit.
Reflecting on the administration’s achievements, Otti noted significant progress in infrastructure development, particularly in road reconstruction, which has revitalized economic activities in various regions. He reiterated the administration’s commitment to bridging the development gap between Abia State and its global peers.
The Abia State Cooperative Support Scheme aligns with the government’s strategic development agenda to improve the welfare of the populace. Injecting N1 billion into the economy is projected to boost agricultural outputs, increase business inputs, and raise the GDP of local communities.
Governor Otti assured that the scheme’s success depends on beneficiaries’ willingness to repay loans. He encouraged continued collaboration among stakeholders to fulfill their obligations and build a new leadership culture that ensures equitable distribution of resources.
“Thank you for listening and may God bless you all,” Governor Otti concluded, reaffirming his commitment to the state’s socio-economic transformation.
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