A professor of economics at Bayero University Kano (BUK), Professor Isa Dandago has called on northerners to apply for the revised Central Bank of Nigeria (CBN) non-interest loan scheme, known as the Micro, Small and Medium Enterprises Development Fund (MSMEDF) to grow their businesses.
Professor Dandago said the non-interest loan will be disbursed in order to improve the country’s economy and also to support small and medium enterprises to stand on their own for more employment opportunities.
DAILY FOCUS reports that the CBN has introduced the intervention schemes to cater for non-interest financial institutions (NIFIs).
Speaking on a Freedom Radio program, Barka da hantsi, Mr Dandago, a former commissioner of finance in Kano, said many people from the north often avoid bank loans because of the interest attached to it, but this time around people will have to pay back the exact amount they are given without any interest.
He expressed concern that the reluctance of northerners to access these loans is largely responsible for the widespread poverty ravaging the region.
“I encourage our people to collect the loan no matter what, we should get ready with all the necessary preparations needed and use this opportunity because other regions have gone far while we lag behind.
“Most of the time our people shy away from this kind of opportunities thinking that interest is involved or something like that, but the truth is others are using this kind of opportunities to develop themselves and their regions”, he said.
Mr Dandago also said there is need to engage in a campaign to enlighten northerners to accept the system, for it to fully benefit them.