The Abia State Government has signed a Memorandum of Understanding (MoU) worth N10 billion with the Bank of Industry (BOI) to drive industrialization in the state.
The Executive Director for Micro, Small, and Medium Enterprises (MSMEs), BOI, Shekarau Umar, announced this while speaking to Newsmen after signing the MOU in Umuahia.
As part of the agreement, the Abia State Government will contribute N5 billion, which will be matched by an equal sum of N5 billion from the BOI and would be disbursed to entrepreneurs in the state to support and expand their businesses.
According to Mr Umar, one of the best ways to develop a state is through industrialization, adding that various sectors of the Abia State economy was covered in the MOU.
“We also believe that he (The Governor) wants to develop the state and the easiest way you develop any State is by industrializing that state, get people working, get people doing a lot of enterprises and get people employed.
“That way, you can now develop the state. We have seen that that is what he (the Governor )wants to do and we want to support him”, Umar said.
The BOI Executive Director further explained that every activity within the State from Agriculture to ICT to other areas would be covered by the MOU and the funding in line with the development agenda of the state government.
He said the bank has been disbursing funds to Manufacturers and Small Scale Industrialists in the State, stressing that the current partnership will benefit the state in many ways.
Also speaking the Commissioner for Industry and SMEs, Mr Mike Akpara said that what the partnership seeks to achieve is to assist the people run their businesses, maintaining that Abia State stands to derive a lot of benefits from the partnership.
