Following the need to fast-track jobs and wealth creation through entrepreneurship, the Bank of Industry and the Ebonyi State Government have signed a N4billion memorandum of understanding to promote agriculture and the setting up of industries in the state.
Governor Dave Umahi of Ebonyi State, said for the economy of the state to boom, one industry must be established in each of the state’s 150 communities.
Umahi, who spoke at the event in Abakaliki on Monday, said the state was determined to set up at least one industry in each of its 150 communities under the dispensation of the N4billion Fund.
He commended BoI for supporting the state’s economic growth initiative with 50 per cent of the Fund, stressing that the bank was indeed not out to make money but to foster development.
He said, “Free money is not productive when it is not worked for and the way to go about empowerment is what we have done today with the BoI, which has made tremendous impact in recent times.
“If this is enacted across the 36 states of Nigeria, it will lead to job creation on a massive scale.”
The governor added that the initiative was Nigeria’s solution to the economic recession currently plaguing the country following the crash of global oil prices.
Governor Umahi explained that N2billion under the initiative would be dedicated to the agric sector, while the other N2billion will go to the industrial sector.
He said beneficiaries of short-term loans would be charged five per cent, while long-term beneficiaries would pay back with a 6.25 per cent.
Managing Director, BoI, Mr. Kayode Pitan, noted that the bank had been involved in supporting entrepreneurs in the growth of large and small-scale industries in the state before now, in excess of N2billion.
“With this, we will now be able to help more people to get employed as well as enhance the growth of the solid minerals sector as the governor has also requested,” he said.
He added that the finance institution was ready to finance more projects beyond the scope of the MoU.
“We are partners with the state and are happy that this MoU has further strengthened that partnership,” he said.
