The Abia State government has signed a 10 billion naira Memorandum of Understanding (MOU) with the Bank of Industry (BOI) for the industrialization of the state.

This was made known on Wednesday by Shekarau Umar, the Executive Director of MSMEs at the Bank of Industry, while speaking with newsmen after signing the MOU in Umuahia.

According to the agreement, the Abia State government will provide the sum of 5 billion naira, which will be matched with another 5 billion naira by the BOI to start, and the funds will be disbursed to entrepreneurs in the state to boost their businesses.

Umar pointed out that the best way to develop a state is through industrialization, adding that various sectors of the Abia State economy are covered in the MOU.

“We also believe that he (the Governor) wants to develop the state, and the easiest way to develop any state is by industrializing that state, getting people working, getting people doing a lot of enterprises, and getting people employed,” Umar said.

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 various ways.

Also speaking, Abia State Commissioner for Industry and SMEs, Mr Mike Akpara, said the partnership seeks to assist Abia entrepreneurs in running their businesses, maintaining that the MOU will immensely benefit the state.

BOI, Abia Govt sign deal to disburse N10 billion to entrepreneurs