The Central Bank of Nigeria (CBN), has disbursed the sum of N10 billion to companies in Kano affected by the Covid-19 pandemic, through a consortium of Kano Investment and Diaspora, in partnership with the Foreign Commonwealth Development and Manufacturers Association of Nigeria (MAN).
Director General, KanInvest & Diaspora, Hajiya Hama Ali, who disclosed this on Monday in Kano at a meeting on the Kano Turnaround Project, said the target of the funds would be 50 companies.
According to her, the agency would work with the affected companies to determine how much was needed for the economic turnaround. She also claims the initial N10billion would be increased after a meeting with CBN.
“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,” she said.
“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.”