“The Bama market was set ablaze in 2011 and the entire structure was reduced to ashes.
“Although government awarded a contract for the market’s reconstruction, the insurgents returned several times to destroy the new market under construction,’’ he added.
Bukar said: “In Beneshiekh, Marte and other places, several lock-up shops constructed by the government have been completely razed.
“Even in places like Baga and Konduga, fishing villages were attacked on several occasions and hundreds of people were killed.’’
Bukar lamented that the development had created an army of unemployed persons across the state.
He appealed to the Borno State Government and the Federal Government to initiate an economic empowerment programme to tackle the growing unemployment crisis.
Commenting on the issue, Dr Ibrahim Umara of the Department of Political Science, University of Maiduguri, described the situation as pathetic.
He stressed that the Borno State Government must initiate a holistic approach towards revamping the state’s economy after the end of the Boko Haram insurgency.
Reacting, Gov. Kashim Shettima said that his administration was aware of the economic problems created by the Boko Haram crisis.
Shettima said that the government was working on plans to secure a N2 billion loan from the Central Bank of Nigeria (CBN) for small-scale industrialists in the state.
He said that the rationale behind the move was to kick-start the state’s economy by providing soft loans to entrepreneurs whose businesses were affected by the Boko Haram insurgency.
“The CBN has accepted to provide a N2 billion loan to small-scale industrialists in the state.
“Part of the money will be distributed to our businessmen in different parts of the state as loan to enable them to revive their businesses, which were destroyed by the Boko Haram insurgency,’’ he said.
Shettima said that the government will also look at the possibility of extending the loan to members of the state chapter of the Independent Petroleum Marketers Association of Nigeria (IPMAN) because of their role in maintaining the state economy. [eap_ad_1] “We are also making contact with the Bank of Industry to secure a N1 billion loan for our industrialists to enable them to replenish their business,’’ he added.
The governor, however, expressed some reservations on the interest rate being charged on loans by the country’s financial institutions.
“My fears on these loans have to do with the interest element; if the interest rate goes beyond two digits, it will be difficult for industrialists to break even and still pay back the loan,’’ he said.
Nevertheless, Shettima said that the state government would take the responsibility of paying the interest on the loan, while the beneficiaries would be expected to pay back the loan only.
Also speaking, Alhaji Zanna Mustapha, the Deputy Governor, said that plans were underway to distribute 500 buses to NURTW members in the state on loan basis to cushion the effect of the insurgency.
Mustapha told newsmen in Maiduguri that the state government would also subsidise the vehicles by 50 per cent to enable the beneficiaries to achieve a breakthrough and make profits.
Observers note that tangible and pragmatic efforts should be made to revive economic activities in Borno, which have experienced a downturn following the Boko Haram insurgency in the northeastern part of the country. (NANFeatures)
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