Governor Alex Otti Unveils N10 Billion MSME Financing Scheme to Tackle Youth Unemployment in Abia State
By Boniface Ihiasota, USA
The newly inaugurated Governor of Abia State, Dr. Alex Otti, has announced on Monday his administration’s plan to launch a N10 billion financing scheme for Micro, Small, and Medium Scale Enterprises (MSMEs) within the next month.
Speaking at the Umuahia Township Stadium during his inaugural speech as the fifth executive Governor of Abia, Otti expressed his concern about the issue of youth unemployment, which he described as a matter that deeply troubles him due to the industrious nature of the state’s youth.
The renowned economist outlined that the financing scheme would consist of conditional business grants and low-interest loans specifically designed to support relevant enterprises.
He assured that the detailed procedures for accessing these funds would be made available to the public in the near future.
Otti projected that a minimum of 20,000 MSMEs would benefit from this fund over the next two years, resulting in the creation of at least 100,000 direct jobs and an additional 200,000 indirect employments within the state.
In order to make this initiative successful, the Governor emphasized that his administration would collaborate with commercial banks, local and international development agencies, venture capitalists, and independent investors.
The Governor further highlighted the high-impact areas, including ICT, agriculture, small-scale manufacturing, fashion, leatherworks, and other sectors where the state possesses a strong comparative advantage.
Otti pledged to leverage the ongoing major reforms in the power sector to provide consistent electricity access to these entrepreneurs, providing crucial structural support.
He acknowledged the challenges faced by businesses and assured that his administration would promptly address obstacles such as poor road networks, excessive taxation, and limited access to local and global markets.
Regarding the city of Aba, the Governor announced his intention to establish administrative and investment vehicles within the next week to spearhead the social and economic rejuvenation of the city.
He revealed that a renowned construction company had been assigned to conduct an initial assessment of critical portions of Aba’s roads.
In addition to retaining Aba’s status as a leading trade destination in Nigeria and West Africa, Otti vowed to restore its manufacturing base through the implementation of necessary measures.
