Akwa Ibom, Bank Of Industry Seal N4bn Deal To Fund MSMEs
In a significant move to boost industrial development and socio-economic empowerment in Akwa Ibom State, the Government of Akwa Ibom State of Nigeria (AKSG) and the Bank of Industry Limited (BOI) have signed a Memorandum of Understanding (MoU).
The MoU outlines the commitment of both parties to contribute a matching fund of N4,000,000,000.00 (Four Billion Naira Only), with each party contributing N2,000,000,000.00 (Two Billion Naira Only).
The fund will be managed by BOI, which will also provide technical advice and project appraisal expertise to ensure the success of the initiative.
The fund targets businesses in various sectors, including manufacturing, ICT, transportation, oil & gas, creative industry, agribusiness, healthcare, education, renewable energy, and more. The loans will be available for term loans and working capital facilities, with interest rates set at 7.5% per annum for term loans and 8.5% per annum for working capital loans.
The agreement also includes provisions for training and capacity building through the Ibom Leadership and Entrepreneurial Development Center (Ibom-LED), ensuring that beneficiaries are well-equipped to manage and grow their businesses. The
This collaboration between AKSG and BOI marks a significant step towards fostering industrial growth and economic development in Akwa Ibom State, providing much-needed support to local entrepreneurs and businesses.
This initiative, spearheaded by His Excellency, Governor Umo Eno (PhD), underscores his unwavering commitment to entrepreneurial development in the state.
Governor Eno’s dedication is evident through various initiatives, including capacity development programmes, take-off grants, and the establishment of a fund for loans. With these efforts, he has come full cycle in fostering entrepreneurial growth and development in Akwa Ibom State.
The signing ceremony, held at the AKICORP conference room, APICO Investment House, Uyo, was attended by key officials of both entities, including the Representative of the MD/CEO of BOI, Dr. Olasupo Olusi, and Pastor Imo-Abasi Jacob, MD/CEO, AKICORP.
