Abia Government set to embark on industrialization, signs N10 billion MoU with Bank of Industry

Abia State government has signed a N10 Billion Memorandum of Understanding (MOU) with the Bank of Industry (BOI) for the industrialization of the state.

A statement signed by Chief Press Secretary to the Governor, Ukoha Njoku Ukoha said the Executive Director, MSMEs, Bank of Industry, Shekarau Umar disclosed this while speaking with newsmen after signing the MOU in Umuahia.

Under the agreement, the Abia State government will provide the sum of N5 Billion which will be matched with another N5 Billion by the BOI for a start and disbursed to entrepreneurs in the State to boost their businesses.

According to the Executive Director, 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 wants to do and we want to support him”, Umar said.

“Every angle of the state will be covered. Every activity within the State from Agriculture to ICT to other areas were covered by the MOU and the funding because what you want to do is to develop every aspect of the state”, The Executive Director further explained.

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 our people run their businesses, maintaining that Abia State stands to drive a lot of benefit from the partnership and agreement.