The Abia State government has entered into a ₦10 billion Memorandum of Understanding (MOU) with the Bank of Industry (BOI) to foster the industrialization of the state.
Shekarau Umar, Executive Director for MSMEs at the Bank of Industry, shared this development with journalists following the signing of the MOU in Umuahia.
As part of the agreement, the Abia State government will contribute ₦5 billion, which will be matched by an additional ₦5 billion from the BOI. The combined funds will be used to support local entrepreneurs and strengthen businesses across the state.
Umar emphasized that industrialization is a key strategy for state development. He noted that the MOU covers a broad range of sectors within Abia’s economy.
“We also believe that the Governor’s vision for the state is clear—industrialize the state, create jobs, stimulate enterprise, and reduce unemployment. This is the pathway to real development, and we are committed to supporting him in achieving this,” Umar stated.
He continued, “The MOU covers every aspect of the state’s economy—from agriculture to ICT and beyond—ensuring that every sector benefits from this funding. Our goal is to drive comprehensive development across all areas.”
Umar added that the BOI has already been actively disbursing funds to manufacturers and small-scale industrialists in Abia, and this new partnership will provide even greater support to the state’s economic growth.
Mr. Mike Akpara, Commissioner for Industry and SMEs, also spoke about the partnership’s potential, stating that it aims to empower local entrepreneurs and boost business operations. “Abia stands to gain significantly from this collaboration, which will create numerous opportunities for our people,” Akpara said.
