• July 24, 2021

COVID-19: KanInvest Obtains N10bn CBN Fund to Resuscitate Industries in Kano

(AGENDAWATCHDOG) – The KanInvest and Diaspora, in partnership with the Links, a UK-based company and the Manufacturers Association of Nigeria (MAN), has secured N10 billion intervention fund from Central Bank of Nigeria (CBN) in its bid to revive industries affected by the COVID-19 pandemic in Kano State.

The intervention fund targets at least 50 companies that had been affected by the pandemic under the state’s Turnaround Project.

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The Director General of the KanInvest and Diaspora, Ms. Hama Ali Ware, said yesterday during a sensitisation meeting on the Kano State Turnaround Project at Government House that the aim of the programme is to facilitate the revival of the affected companies in order to sustain the prosperity of the state.

Ware also added that the CBN has agreed to support the project with additional funds if the need arises in the future, adding that the agency would interface with the affected companies on one-by-one basis to get information about the problem they are facing and how to support them.

PROJECTED IMPACT: The initiative will support industries affected by COVID-19 and other challenges in Kano, which is known as the commercial nerve centre of northern Nigeria, where about 50 percent of industries are either experiencing declining capacity utilisation or have closed down completely due to the pandemic and other issues. Reviving the industries in Kano would also help in providing employment for the teeming youth population in the state and restore peace and tranquility.

Agenda Watchdog

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