The Bank of Industry (BoI) and the Abia State government have signed an N10 billion Memorandum of Understanding (MoU) to industrialise the state.
The bank’s executive director of MSMEs, Shekarau Umar, stated this while speaking with newsmen after signing the deal in Umuahia, the capital.
“Every aspect of the state’s economy, from agriculture to ICT, is covered by the MoU in our mutual drive to develop the state,” Umar said.
The director explained that under the MoU, the bank and the government would each contribute 50 per cent of the amount, saying the MoU would benefit the state in many ways.
“The governor, Alex Otti, as you’re aware, is desirous of developing the state, and such agreements are one of the best options to achieve the aim,” he maintained.
Umar noted that, meanwhile, the bank had been disbursing funds to manufacturers and small-scale industrialists in the state for business development.
In a remark, Mike Akpara, the state’s commissioner for Industry and SMEs, described the MoU as a welcome development and urged the business community to take advantage of it.
