The Abia State Government has signed a Memorandum of Understanding (MOU) with the Bank of Industry (BOI) for a N10 billion funding initiative.

The agreement commits both parties to contribute N5 billion each, creating a pool of N10 billion aimed at supporting entrepreneurs across the state.

BoI’s Executive Director of Micro, Small and Medium Enterprises (MSMEs) Shekarau Umar told journalists after signing the MoU in Umuahia said one of the best ways to develop a state was through industrialization, adding that various sectors of the Abia State economy was covered in the MoU.

He added that the bank had been disbursing funds to manufacturers and smallscale industrialists in the State, stressing that the current partnership would benefit the state in many ways.

He said: “We also believe that he (Governor Alex Otti) wants to develop the state and the easiest way you develop any state is by industrializing that state, get people working, get people doing a lot of enterprises and get people employed.

“That way, you can now develop the state. We have seen that that is what he wants to do and we want to support him. “Every angle of the state will be covered.

“Every activity within the State from agriculture to ICT to other areas were covered by the MoU and the funding because what you want to do is to develop every aspect of the state.”