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Abia Gov Otti launches N1bn interest-free loan scheme for micro-businesses

Governor Alex Otti of Abia State has launched a significant initiative aimed at boosting economic empowerment among nano and micro-business operators across the state.

The inauguration ceremony for the N1 billion interest-free loan scheme took place in Umuahia, the state capital, where Governor Otti highlighted the scheme’s pivotal role in lifting rural dwellers and small business owners out of poverty.

Addressing attendees, Governor Otti emphasized that the scheme marks a strategic move towards economic emancipation for thousands of petty traders, farmers, and artisans who have historically lacked structured support.

The initiative targets to benefit approximately 10,000 individuals in the initial phase, drawn from all 184 electoral wards of Abia State.

“This scheme is geared towards improving production, creating jobs, and reducing poverty,” Governor Otti stated.

“Our goal extends beyond the present beneficiaries to reaching about 100,000 businesses directly over the next 36 months. We believe today’s beneficiaries will diligently repay their loans, paving the way for others to benefit.”

He further explained that injecting N1 billion into the local economy through this interest-free revolving loan scheme will stimulate agricultural outputs, generate new business orders, and ultimately contribute to the growth of the state’s GDP.

Governor Otti assured rigorous monitoring of the scheme to ensure transparency and accountability.

He also outlined plans to expand the initiative through partnerships with international development institutions, once measurable improvements in business activities at the grassroots level are observed.

Mrs. Blessing Felix, the Commissioner for Women Affairs and Poverty Alleviation, expressed gratitude to Governor Otti for consistently prioritizing the welfare of Abia citizens and funding such impactful schemes. She described the initiative as a testament to effective governance and a lifeline for many struggling small-scale entrepreneurs.

Mayor Ide Udeagbala of Aba North Local Government Council echoed similar sentiments, lauding Governor Otti for his foresight in implementing a program that promises to uplift local communities economically.

Senior Special Assistant Ishmael Onuoha highlighted the structured nature of the interest-free loans, emphasizing that compliance will be strictly monitored to ensure responsible use of the funds.

In response, Mrs. Mercy Alamba, speaking on behalf of the beneficiaries, expressed heartfelt gratitude to Governor Otti, describing the initiative as unprecedented in its scope and potential impact.

She urged fellow beneficiaries to utilize the funds prudently to maximize its benefits.

The launch of this interest-free loan scheme highlights Governor Alex Otti’s commitment to fostering economic growth and alleviating poverty at the grassroots level in Abia State, setting a promising trajectory for sustainable development and prosperity.

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