In a bid to accelerate industrialization and support local businesses, the Abia State government has signed a Memorandum of Understanding (MOU) with the Bank of Industry (BOI) for a N10 billion collaboration.
The agreement, finalized on Wednesday in Umuahia, will see the Abia State government contribute N5 billion, which will be matched by BOI, totaling N10 billion in funding. These funds will be disbursed to entrepreneurs across the state to stimulate business growth and development.
Shekarau Umar, the Executive Director of MSMEs at BOI, highlighted that industrializing the state is the key to its economic growth.
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He emphasized that by providing access to funding for small and medium enterprises (SMEs), the state can create jobs and stimulate local economies.
The Abia State Commissioner for Industry and SMEs, Mike Akpara, expressed confidence that this partnership would significantly aid entrepreneurs in the state, providing them with the necessary resources to thrive and grow their businesses.
This collaboration signals a strong commitment to building a robust industrial ecosystem in Abia State, with the potential to foster long-term economic stability.
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