•Governor Eno
In a significant move to boost industrial development and socio-economic empowerment in Akwa Ibom State, the Government of Akwa Ibom State and the Bank of Industry Limited, BOI, have signed a Memorandum of Understanding (MoU).
This golden initiative, spearheaded by Governor Umo Eno underscores his unwavering commitment to entrepreneurial development in the state.
Governor Eno’s dedication is evident through various initiatives, including capacity development programmes, take-off grants, and the establishment of a fund for loans.
With these efforts, he has come full cycle in fostering entrepreneurial growth and development in Akwa Ibom State.
The signing ceremony, held yesterday at the Akwa Ibom Investment Corporation, AKICORP, conference room, Uyo, was attended by key officials from the Bank of Industry and the state government, including the Representative of the MD/CEO of BOI, Dr. Olasupo Olusi, and Pastor Imo-Abasi Jacob, MD/CEO AKICORP.
The MoU outlines the commitment of both parties to contribute a Matching Fund of N4,000,000,000.00 (Four Billion Naira) only, with each party contributing N2,000,000,000.00 (Two Billion Naira) only. The fund will be managed by BOI, which will also provide technical advice and project appraisal expertise to ensure the success of the initiative.
The fund targets businesses in various sectors, including manufacturing, ICT, transportation, oil & gas, creative industry, agribusiness, healthcare, education, renewable energy, and more.
The loans will be available for term loans and working capital facilities, with interest rates set at 7.5% per annum for term loans and 8.5% per annum for working capital loans.
The agreement also includes provisions for training and capacity building through the Ibom Leadership and Entrepreneurial Development Center (Ibom-LED), ensuring that beneficiaries are well-equipped to manage and grow their businesses. The MoU is set to commence upon execution and will continue for an initial period of five years, with the possibility of renewal based on performance.
This collaboration between AKSG and BOI marks a significant step towards fostering industrial growth and economic development in Akwa Ibom State, providing much-needed support to local entrepreneurs and businesses.
