The Central Bank of Nigeria (CBN) has authorized a 2 billion Naira loan to the government of Imo State for the empowerment of artisans in the state.
Ford Ozumba, the Commissioner for Labor and Productivity, revealed this to journalists in Owerri on Tuesday while unveiling the Imo 2022 Entrepreneurial Product Expo in collaboration with CBN.
He said that the Imo State administration approached the CBN and was found to be qualified for the loan.
“The project was conceived to expose artisans of state origin to trade, assist them in using their knowledge to migrate into the digital socio-formation, create structures and systems that would engage youths in productive sectors, and for them to train others to alleviate poverty and contribute to the state’s efforts to improve the economy,” the Commissioner explained.
“The money is in collaboration with the Central Bank of Nigeria, which has sanctioned N2 billion for Imo State.” We don’t have any money. It has been deposited in the bank. It will be given to young people in the trade. It’s a loan from the Central Bank of Nigeria. This project has a facility at the CBN. When we approached them, they informed us that Imo was qualified. The funds will be distributed to craftsmen. These artists have already been created.
We collaborate with the craftsmen’ associations. So, as part of the project’s activities, we’re launching a weekly event, the inaugural Imo State innovation and entrepreneurship exhibition in Owerri, on May 10th, 2022.
“The state is fortunate in that it has several outstanding artisans and accomplished industrialists whose work is available.”
“We want to put our people on display to promote their abilities, skills, cleverness, and originality, and to expose this to the international community through well-designed organized technology.” They’d be motivated to export their goods and contribute to the growth of our economy,” he remarked.