Jigawa Seals Deal with BoI on N6bn SMES Partnership

Ahmad Sorondinki in Kano

The Jigawa State Government has signed a Memorandum of Understanding (MoU) worth N6 billion with the Bank of Industry (BoI) to improve the economic status of the State’s citizens.

The formal signing of the MoU took place at the Government House in Dutse, marking an important milestone in the State’s economic growth and development.

The BoI delegation was led by its Executive Director, Corporate Services, Mr. Usen Effiong, who represented the bank’s Managing Director.

The partnership aims to provide soft loan access to medium- and small-scale businesses in Jigawa State, demonstrating the State government’s commitment to fostering economic growth and entrepreneurship.

Effiong, in his address, described the event as a landmark achievement in unlocking economic potential and encouraging entrepreneurs to develop their businesses.

The MoU would include the creation of a N4 billion matching fund and a N2 billion managed fund.

Under this arrangement, the Jigawa State government would provide N2 billion, which the BoI would match with an additional N2 billion, while the Jigawa State government contributes another N2 billion for the managed fund.

Effiong, said the collaboration positions Jigawa State among BoI’s strategic partners, providing essential financial services to support business activities and enhance value chains, among other benefits.

“With the signing of this MoU today, Jigawa joined the league of other strategic partners of BoI in bringing deliberate finance services to business activities to support the value chain and reduce dependency on neighboring states for finished goods,” he explained.

He stressed the bank’s delight at Jigawa State’s progress, saying the BoI had already provided N2 billion to local companies in the State, with another N2.5 billion in the pipeline.

In his response, Governor Umar Namadi, expressed pleasure at reaching the milestone, reiterating his resolve to support MSMEs in Jigawa State.

“The occasion is a milestone in our journey towards poverty eradication, job creation and development. Empowering people through their own businesses of choice is a strategy we have adopted for accelerating growth and development in Jigawa State and the Bank of Industry is a key partner in achieving this goal,” he said.

He emphasised that MSMEs are vital for providing employment and livelihoods for many people.

The governor noted that this collaboration aligns with Tinubu’s Renewed Hope agenda and his administration’s 12-point agenda, bringing financing sources closer to the people of Jigawa.