…Commission 33rd state office in Dutse
From Atiku Sarki, Abuja
In a momentous occasion for Jigawa State and Nigeria’s economic landscape, the Bank of Industry (BOI) and the Jigawa State Government today 2nd of July,2024 signed a Memorandum of Understanding (MoU) to establish an N6 billion MSME Growth Fund.
This was contained in a statement issued in Abuja indicating that this significant partnership was celebrated with the commissioning of the BOI’s Jigawa State office, marking its 33rd state office nationwide.
In his remarks, the Executive Governor of Jigawa State, His Excellency, Mallam Umar A. Namadi, FCA, hailed the MoU signing as a milestone in the state government’s journey towards a greater Jigawa State, adding that the loans will be available at single-digit interest rate.
“SMEs are the movers of economic growth; they will employ youth and reduce poverty, which is why the government is supporting them through this partnership.
“The growth fund size is N6 billion, comprising a N4 billion matching fund and a N2 billion managed fund. The midwife agency for this partnership is the Jigawa State Youth Empowerment/Employment Agency (JISYEEA). This collaboration aligns with our state’s 12-point agenda and the Renewed Hope Agenda of President Bola Ahmed Tinubu. We are grateful to BOI for their confidence in Jigawa and for bringing access to finance closer to our people,” stated Governor Namadi.
Earlier in his welcome address, the BOI Managing Director, Dr. Olasupo Olusi, had stressed the importance of the partnership, especially since he shared a vision of unlocking economic potential and empowering entrepreneurs. Represented by the Executive Director, of Corporate Services, Mr Usen Effiong, Dr Olusi also applauded the drive of the Governor to set up the N6 Billion MSME Growth Fund, and his support towards the setting up of the Bank’s office in Dutse, the state capital
Dr. Olusi also congratulated Governor Namadi for his exemplary leadership and the economic strides made under his administration. He acknowledged the state government’s support, noting the provision of a purpose-built property and two years’ rent, which facilitated the establishment of the Jigawa State office without a hitch. He also praised the efforts to establish the N4 billion Matching Fund and N2 billion Managed Fund, highlighting the dedication to unlocking the state’s economic potential.
“This collaboration is historic,” Dr Olusi continued, “By providing financial support to MSMEs across Jigawa’s 27 Local Governments, we are boosting the manufacturing sector and supporting their value chains. BOI and Jigawa State Government are each contributing N2 billion for the Matching Fund, with an additional N2 billion from the state for the Managed Fund.
These funds will fuel entrepreneurship, support startups, and enable existing businesses to thrive. We believe in the resilience and potential of Jigawa State’s entrepreneurs.”
The commissioning of the Jigawa State office increases BOI’s physical presence to 33 state offices. “This establishment is already yielding positive results, with loan approvals for financial interventions of about N2 billion for indigenous companies and another N2.5 billion under review. The Rural Area Program for Investment and Development (RAPID) has 1,621 applications at advanced review stages, targeting businesses in rural areas,” Dr. Olusi noted.
In his concluding remarks, the Managing Director invited all stakeholders to actively engage in the partnership, emphasizing the importance of collaboration for the success of the initiative. “Together, we can build a Jigawa State where innovation thrives, businesses flourish, and prosperity knows no bounds.”
The ceremony was attended by prominent figures, including the Deputy Governor of Jigawa State, Engr. Aminu Usman, the Secretary to the State Government, Malam Bala Ibrahim, and other senior government officials. The BOI management was represented by the Executive Director of Micro, Small, and Medium Enterprises (MSMEs), Mr Omar Shekarau, Chief Economist and Head of Strategy and Research, Dr Rislanudeen Mohammed, and Divisional Head of MSME North, Mr Sanusi Gidado.
