Abia State government Signs N10 Billion Deal with Bank of Industry to Boost Industrialization
The Abia State Government has signed a N10 billion Memorandum of Understanding (MoU) with the Bank of Industry (BOI) to promote industrialization within the state.
The agreement, which was finalized in Umuahia, will see the Abia government contribute N5 billion, with the BOI matching this amount with another N5 billion as the funds will be disbursed to entrepreneurs across the state to support and enhance their businesses.
Shekarau Umar, the Executive Director of MSMEs at the BOI, emphasized that industrialization is key to developing a state, and the partnership will target various sectors of Abia’s economy. He highlighted that the focus will be on providing opportunities for employment and entrepreneurship, which are crucial for the state’s growth. According to Umar, the state’s development is closely linked to the establishment of a robust industrial sector.
The partnership aims to support small-scale industrialists and manufacturers in Abia, as the BOI has already been providing funding for local entrepreneurs. Umar noted that this new collaboration will further strengthen the state’s industrial base, contributing to economic growth and job creation. He expressed confidence that the initiative would significantly benefit the state in the long term.
In addition, Abia’s Commissioner for Industry and SMEs, Mike Akpara, stated that the MoU will empower local entrepreneurs and help them sustain their businesses. He emphasized that the partnership with the BOI is a strategic move to foster industrial development, which will have a lasting positive impact on the state’s economy and the livelihoods of its citizens.
