Abia State government has signed a N10 Billion Memorandum of Understanding (MoU) with the Bank of Industry (BOI) to boost the industrialization of the state.

The Bank of Industry’s Executive Director of Micro, Small and Medium Enterprises MSMEs, Shekarau Umar, told journalists after signing the MOU in Umuahia that under the agreement, the Abia State government would be required to provide the sum of N5 billion which would be matched with another N5 billion by the BOI for a start to be disbursed to entrepreneurs in the State to boost their businesses.

Umar explained that one of the best ways to develop a state was through industrialization, adding that various sectors of the Abia State economy were covered in the MOU.

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

According to the Executive Director, “We also believe that he (The Governor) 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”.

Also speaking, the State Commissioner for Industry and SMEs, Mr Mike Akpara, said “The partnership seeks to assist our people run their businesses,” explaining that “Abia State stands to derive a lot of benefit from the partnership and agreement.”