The Yobe Microfinance Bank has taken a significant step by signing a Memorandum of Understanding (MoU) with the Small and Medium Scale Enterprises Development Agency (SMEDAN) to roll out the One-Local-Government One-Product (OLOP) project in Borno and Yobe states.
Dr. Sheriff Almuhajir, CEO of Yobe Microfinance Bank, announced this development in Damaturu. The OLOP initiative, spearheaded by SMEDAN, aims to empower Micro, Small, and Medium Enterprises (MSMEs) by leveraging local products with unique competitive advantages in their respective areas.
Almuhajir highlighted that the MoU will enable the provision of financial and other essential services to MSMEs, individuals, and communities across both states. The OLOP project emphasizes a bottom-up development approach, with the government’s role focused on facilitation.
The project aims to add value through modern processing technologies, quality control via relevant certifications, and product branding for both domestic and international markets. Yobe Microfinance Bank is committed to offering affordable financial services, including savings accounts, loans, and other financial products tailored to local needs.
The CEO revealed that 120 MSMEs and 12 groups in Borno and Yobe would benefit from this initiative. “We are excited to bring our expertise and resources to Borno State. Our goal is to support SMEDAN in aiding SMEs in Nigeria, especially targeting women and youths, and to positively impact individuals and businesses nationwide,” said Almuhajir.
