The Jigawa State government has signed a N6 billion Memorandum of Understanding (MoU) with the Bank of Industry (BOI) to provide soft loans to medium and small-scale businesses in the state. The agreement, signed on Tuesday at the Government House in Dutse, is seen as a significant step towards economic growth and development.
Governor Namadi’s Commitment to Economic Growth
Governor Malam Umar Namadi highlighted the importance of this partnership, noting its potential positive impact on the state’s economy. “Empowering people through their own business of choice is one of the strategies we have adopted for accelerating growth and development in the state,” Namadi said. “The Bank of Industry is a key partner in achieving this.”
Facilitating Access to Soft Loans
Namadi emphasized the government’s commitment to working with the BOI to facilitate access to soft loans for small, medium, and large-scale businesses in Jigawa. “We are very happy today that we have a BOI branch in our state, and all relevant state government agencies are fully engaged to enlighten Jigawa citizens and support them in accessing opportunities at the bank,” he added.
BOI’s Largest MoU in Nigeria
Alhaji Shekarau Umar, Executive Director of Small and Medium Enterprises at the Bank of Industry, stated that the N6 billion MoU with Jigawa is the largest ever signed with any state in Nigeria. He noted that despite years of advocacy and requests for the establishment of the BOI in Jigawa, it was only within six months of engagement with Governor Namadi that the dream became a reality.
A Milestone for Economic Development
The signing of this MoU marks a significant milestone in Jigawa State’s efforts towards poverty eradication, job creation, and economic development. By facilitating access to soft loans, the partnership aims to empower local entrepreneurs and stimulate economic growth in the region.
The collaboration between Jigawa State and the Bank of Industry is expected to pave the way for increased economic activities, offering vital support to businesses and contributing to the overall prosperity of the state.
