By Otaru Oshiokeh, Abuja
As part of efforts to promote Nigeria’s economic space, the Bank of Industry (BoI) and the Jigawa State Government yesterday signed a Memorandum of Understanding (MoU) to establish N6bn, Micro, Small and Medium Enterprises (MSME) growth fund.
This significant partnership was celebrated with the commissioning of the BoI’s Jigawa office, marking its 33rd state office nationwide.
The loans will be available at single-digit interest rate
In his remarks, the Governor of Jigawa State, Mallam Umar Namadi, said the signing was a milestone in the state government’s journey towards a greater Jigawa.
The Governor said, “SMEs are the movers of economic growth; they will provide employment for youth and reduce poverty, which is why the government is supporting them through this partnership, the growth fund size is N6bn, comprising N4bn matching fund and N2bn managed fund.”
According to him, the midwifing agency for this partnership is the Jigawa State Youth Empowerment/Employment Agency (JISYEEA) adding that this collaboration aligns with the 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 Namadi.
Earlier in his welcome address, the Managing Director of BoI, Dr Olasupo Olusi, stressed the importance of the partnership, especially as a shared vision for unlocking economic potential and empowering entrepreneurs.
Represented by the Executive Director of Corporate Services, Mr Usen Effiong, Olusi also applauded the drive of the Governor to set up the N6bn MSME Growth Fund, and his support towards the setting up of the Bank’s office in Dutse, the state capital
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 that the provision of a purpose-built property and two years’ rent that facilitated the establishment of the Jigawa State office without a hitch.
He expressed gratitude for the efforts to establish the N4 billion Matching Fund and N2 billion Managed Fund, highlighting the dedication to unlocking the state’s economic potential.
Okusi stressed, “This collaboration is historic, 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 N2bn for the Matching Fund, with an additional N2bn from the state for the Managed Fund.
“These funds will fuel entrepreneurship, support start-ups, and enable existing businesses to thrive. We believe in the resilience and potential of Jigawa State’s entrepreneurs.”
He further explained that 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 N2bn for indigenous companies and another N2.5bn under review, the Rural Area Program for Investment and Development (RAPID) has 1,621 applications at advanced review stages, targeting businesses in rural areas,” Olusi noted.
Also, the Managing Director invited all stakeholders to actively engage in the partnership, emphasising 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,” he said.
The ceremony was attended by prominent figures, including the Deputy Governor of Jigawa State, Aminu Usman, and 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.
