The Bayelsa State Government and the Bank of Industry (BOI) have announced a strategic partnership aimed at driving sustainable industrial and economic development in the state. This initiative was confirmed by Governor Douye Diri during a meeting with a delegation from the BOI’s South-South and South-East divisions at the Government House in Yenagoa.
Key Details of the Partnership
– Governor’s Assurance: Represented by his deputy, Lawrence Ewhrudjakpo, Governor Diri assured the BOI team of the state’s commitment to facilitating the immediate and smooth commencement of the bank’s operations in Bayelsa. The state government has provided a temporary operational office for the bank to kickstart its activities.
– State’s Industrial Goals: Governor Diri emphasized the urgency for Bayelsa to advance its industrial development, aiming to harness opportunities created by the BOI to boost local industries. The state government is keen to establish a robust and swift relationship with the BOI.
– Support for Loan Applicants: The governor requested the BOI to provide a list of Bayelsa residents who had previously applied for loans but were unable to meet the requirements. This would allow the state government to offer the necessary support to these applicants.
Bank of Industry’s Position
– Operational Commencement: Kings Jack, Divisional Head of BOI for South-South and South-East, acknowledged that Bayelsa was the only state in the South-South where the BOI was not yet fully operational. The BOI team is seeking collaboration with the state government to begin its services and stimulate industrial growth in the region.
– Challenges and Solutions: Jack pointed out that many applicants from Bayelsa could not access over one billion Naira in BOI loan facilities due to difficulties in procuring certificates of occupancy and other requirements. He assured that the BOI is ready to advise the state government on policies that would stimulate industrial and economic development.
Immediate Actions
– Office Space Provision* The state government has offered three potential locations for the BOI to choose from for its operational office. The Deputy Chief of Staff to the Governor will guide the BOI team to these locations to finalize their operational base.
– Immediate Readiness: The state government has expressed its readiness for the BOI to commence operations within the month, underscoring the critical role the bank plays in fostering the growth of local industries.
Key Figures
– Governor Douye Diri Represented by Deputy Governor Lawrence Ewhrudjakpo, he stressed the importance of leveraging BOI’s resources to enhance the state’s industrial capabilities.
– Kings Jack, Divisional Head of the Bank of Industry for South-South and South-East, he highlighted the challenges faced by Bayelsa residents in accessing BOI facilities and the bank’s readiness to collaborate with the state government.
– BOI Team Members Included Seun Olagunju (Group Head, Strategic Communications), Irabor Pacqueens (Regional Manager, South-South), and Ojiegbe Uchechukeu (State Manager).
This partnership marks a significant step towards addressing the industrial development needs of Bayelsa State, providing much-needed support for local industries, and promoting sustainable economic growth.
