The European Union in collaboration with the German International Population Project and supported by Jaiz Bank PLC, has backed the economic viability more than 250 micro, small and medium enterprises (MSME’s) in the garment and leather sectors in Kano, Nigeria.
The private initiative comes under the Nigeria Competitiveness Project (NICOP) umbrella and was targeted to uplift the real sector of Nigeria economy through technical skill development, access to the market and provision of financial support to grow MSMEs in Kano.
The NICOP initiative is being implemented in eight states: Abia, Kano, Kaduna, Katsina, Lagos, Ogun, Oyo and Plateau. The focus of the initiative is on four major value chains, namely tomato, ginger, leather and garments.
The pilot scheme, designed to eradicate poverty, create job opportunities and sustainable economic growth, enabled beneficiaries with financial literacy skills provided by GIZ, while Jaiz bank provides zero loan facility to grow the business.
Speaking at the official launch of the micro-financing scheme for MSMEs in the garment and leather industry, yesterday in Kano, the Regional Manager, Jaiz Bank, North West, Hajia Naima Abdullahi, disclosed that the non-interest financial institution is supporting the project as part of corporate strategy to promote the economy.
Hajia Naimo, who presented a cheque of N200 million to four clusters of garment and leather entrepreneurs, reminded that the bank was prepared to multiply the facility as long as the beneficiaries fulfil conditions associated with it.
She explained that Jaiz is embarking on two years strategic plan to strengthen financial inclusion through a special non-interest micro-credit facility.
Besides, the regional manager stressed the commitment of the corporate institution to promote saving culture, Islamic insurance and enabling special platforms for free medical services in the country. She believed the new scheme will check security challenges with job opportunities to the unemployed youth population in the state.
On his part, the Access to Finance Investment Supervisor, GIZ, Yakubu Musa Paiko, explained that the associated partners are committed to equipping entrepreneurs with technical skills to enhance quality production.