To drive industrialization and empower local businesses, the Abia State government has signed a Memorandum of Understanding (MOU) with the Bank of Industry (BOI) for a ₦10 billion funding initiative.
The agreement, finalized in Umuahia, commits both parties to contribute ₦5 billion each, creating a pool of ₦10 billion aimed at supporting entrepreneurs across the state.
Boosting Industrialization and SME Growth
Shekarau Umar, BOI’s Executive Director for MSMEs, emphasized the transformative potential of the collaboration. “Industrializing Abia State is critical to unlocking its economic potential. Access to funding for small and medium enterprises (SMEs) will stimulate local economies and create jobs,” he stated.
Empowering Entrepreneurs
Abia State’s Commissioner for Industry and SMEs, Mike Akpara, expressed optimism about the initiative’s impact. He highlighted the significance of the funds in providing entrepreneurs with the necessary tools to scale their businesses and foster economic growth.
This partnership underscores the Abia State government’s dedication to building a robust industrial ecosystem. By empowering SMEs, the collaboration aims to foster long-term economic stability, create employment opportunities, and drive the state’s industrialization agenda.
The ₦10 billion initiative positions Abia as a forward-thinking state committed to supporting local businesses and advancing economic development. Entrepreneurs are encouraged to take advantage of the funding opportunities to scale their operations and contribute to the state’s industrial transformation.
