The Bank of Industry (BoI) and Borno Government on Monday signed a N2 billion matching fund for the development of Micro, Small and Medium Enterprises (MSME) in the state.
The Acting Managing Director of BoI, Mr. Waheed Olagunju, said this in Maiduguri while signing the agreement with the state Governor, Alhaji Kashim Shettima.
Under the terms of agreement, Olagunju said that BoI was expected to provide one billion naira which would be matched in equal sum by the government.
He said that the scheme, which was being implemented in partnership with government, was aimed at empowering youths by creating jobs and inculcating entrepreneurship development.
Olagunju stressed the need by the state government to consolidate on the gains of restoration of peace in Borno by engaging in activities that would engender sustainable economic activity among the deprived youths and women in the state.
He said that the fund would enable the state to leverage on the abundance of rich agricultural and mineral resources.
“It is in pursuit of the bank’s policy on inclusive development and the desire to bring its products and services closer to the grass-root.
“This necessitated the bank’s resolve to push for a partnership with the state government to sustain our continued effort to serve the state better and vastly improve on the turnaround time for processing transactions.
” The agro-allied projects can be developed along the agrarian products such as sorghum, millet, maize, groundnut, tomatoes and water melon which are widely produced in the state,” Olagunju said.
BoI boss said that the bank’s relationship with the state predated the matching fund scheme.
According to him, the bank has invested over N407 million in four small and medium enterprise projects and over 20 micro businesses across the state.
Responding, Shettima thanked the bank for the initiative, adding that it would further enhance the state’s ability to turn its raw materials to processed goods.
The governor urged the management of the bank to be dispassionate in the disbursement of the fund, adding that the state would shield the fund from any form of political interference.
Shettima urged the bank to eschew any form of religious, political or ethnic considerations in the disbursement of the fund.
The governor, while assuring the public, promised to scale up the fund to N4 billion in due course. (NAN)
SUT/IA