The Jigawa State government invested N6 billion into the Bank of Industry (BOI) to facilitate easy access to soft loans for agriculture and small and medium enterprises (SMEs) within the state, on Tuesday.
The signing of the Memorandum of Understanding (MOU) took place at the Dutse Government House, marking a significant milestone for the current administration.
Governor Malam Umar Namadi highlighted the importance of this initiative in supporting small and medium businesses, particularly in the agricultural sector.
“Today’s occasion marks a milestone for this administration towards poverty alleviation through job creation and economic development for our people,” Governor Namadi stated.
He emphasized that empowering people through their own businesses is a strategy the administration has adopted to accelerate growth and development in the state. “The Bank of Industry is a key partner in achieving these objectives,” he added.
Governor Namadi further explained the state’s commitment to collaborating with the BOI to provide access to soft loans for businesses of various scales.
“With this MOU, we are committed to collaborating with BOI to facilitate access to soft loans for small, medium, and large-scale businesses in the state,” he said.
Expressing his satisfaction, Namadi mentioned the establishment of a BOI branch in Jigawa State and the engagement of relevant state government agencies to educate citizens about the opportunities available through the bank.
“We are pleased to have a BOI branch in our state now, and all relevant state government agencies are fully engaged to educate Jigawa citizens and support them in accessing opportunities within the bank,” he remarked.
The governor assured that the government would ensure all necessary conditions set by the bank are met following legal provisions and the bank’s guidelines to ensure that targeted individuals can access loans promptly.
“The government will ensure all necessary conditions set by the bank are met within the provisions of the law and the bank’s guidelines, to ensure our targeted people have access to loans as and when due,” Namadi affirmed.
During the event, Alhaji Shekarau Umar, the Executive Director of Small and Medium Enterprises (SMEs) at the Bank of Industry, noted that the N6 billion MOU signed with the Jigawa State government is the largest in the bank’s history with any state government.
He commended Governor Namadi for his dedication to empowering the people of Jigawa State, which he believes will lead to poverty eradication, job creation, growth, and sustainable development.
“For the past 13 years, we have been advocating and writing letters for the establishment of a BOI branch in Jigawa State without positive feedback. However, within six months of engaging with Governor Umar Namadi, our dream of establishing a branch became a reality,” Shekarau said.
As the MOU was signed and the Dutse branch was inaugurated, Umar assured the Jigawa State government of the BOI’s commitment to work at all levels to achieve shared goals.
“As we sign this MOU and inaugurate our Dutse branch today, we assure the Jigawa State government of our commitment to work at all levels to achieve our shared goals,” Umar declared.
The initiative is seen as a significant step towards enhancing economic development and reducing poverty in Jigawa State through the empowerment of local businesses.
