By Emmanuel Nduka
Nigeria’s Bank of Industry (BoI) is partnering the Abia State Government to establish a N10 billion funding initiative aimed at supporting Small and Medium Enterprises (SMEs) across the state.
Announcing the partnership at the Government House in Umuahia, the Commissioner for Information, Okey Kanu, said the initiative is part of efforts to boost economic growth through SME empowerment.
He revealed that the state has already contributed N2 billion as its counterpart funding, while the BoI is expected to provide N3 billion in the first phase—bringing the initial total to N5 billion. A second phase of equal value is also planned.
In a related effort to alleviate poverty and support women, Kanu said the Ministry of Women Affairs, under the Livelihood Collective Project, has established 60 processing sites for garri and oil palm production across the three senatorial zones.
Specifically, 21 sites were set up in Isiala Ngwa North, 20 in Obingwa, and 19 in Ohafia Local Government Areas.
“These projects reflect our commitment to lifting Abians, especially women, out of poverty through sustainable empowerment,” Kanu stated.
Founded in 2001, Nigeria’s Bank of Industry has solidified its role as a cornerstone in advancing economic development in Western Africa and beyond.
Under the visionary leadership of Dr. Olasupo Olusi, the bank is at the forefront of driving MSME development, championing innovation and industrialization, promoting financial inclusion, and fostering sustainable growth.
