Central Bank of Nigeria (CBN) have persuaded small and medium scale entrepreneurs to design reasonable business plans to enable them access development loans.
Malam Faruk Abdullahi, Business Development Financing Officer, Central Bank of Nigeria (CBN) Sokoto State branch, gave the advice in Sokoto at a one day seminar on Small Scale Enterprises and Entrepreneurship, with the theme, “Fresh Ideas, New Opportunities organised by Duck Consult Ltd. and BlueBridge Smart Project Ltd on monday.
He said CBN had earmarked about N200 billion to facilitate the growth of micro, small and medium scale enterprises development in the country.
According to him, properly designed business plan is a prerequisite to obtaining any financial institution loans.
Malam Faruk Abdullahi, said that CBN had provided guidelines toward facilitating business growth, enjoined young entrepreneurs to utilize, including Islamic financing schemes across the country.
According him, the apex bank has also established Entrepreneurship Development Centres at various geo-political zones in the country to boost business activities.
Malam Baba Yunusa, the President of African Islamic Economic Foundation, the co-sponsor of the programme enjoined young entrepreneurs to always tap the economic potentialities in their immediate surroundings.
Yunusa, who said good ventures enjoyed sustainability and accorded opportunities to other developments, however, advised the people to be transparent in their dealings.
He noted that business plans done in accordance with Islamic Shariah and other economic principles as well as on prudence always succeed.
Also speaking, Hajia Hafsat Sahabi, the Chairperson of Northern Women Entrepreneurs Association called on stakeholders to always localise such event to benefit more rural dwellers.
Sahabi said that emphasis on theories and academic discussions on how to start business be discouraged while prospective business men and women should be taught more on practical aspects of business orientations.
Alhaji Bello Gwaranyo, Sokoto State Commissioner for Solid Minerals, In his remark, commended the organisers of the seminar and urged beneficiaries to practice what they gained and educate others.
Gwaranyo said Sokoto state had enormous potential that, when tap properly, would rejuvenate economic activities and provide employment to many persons in the state.
The Chief host and Chairman, Duck Consult, Alhaji Kabir Dasuki, said participants were owners of business enterprises in the state who aimed at improving their capacities.
The event was attended by representatives of Ja’iz Bank, Sterling Bank, Stanbic IBTC as well as Sokoto State Small and Medium Scale Enterprises Development Agency.