Abia Govt Partners Bank Of Industry, Launches N10bn SME Fund

The Abia State Government has announced a N10 billion counterpart funding partnership with the Bank of Industry (BoI) to support Small and Medium Enterprises (SMEs), boost economic growth and reduce poverty, across the State.

The Commissioner for Information, Prince Okey Kanu, disclosed this in Umuahia, on Monday, while briefing journalists on the outcome of the week’s State Executive Council meeting presided over by Governor Alex Otti.

The Commissioner explained that the fund is meant to be accessed by SMEs across various sectors in the State.

“Abia State Government has provided the matching funds, or its own counterpart funds, in a 10 billion Naira Abia State Government’s – Bank of Industry fund for SMEs in the State.

“This fund is meant to be accessed by SMEs across various sectors. The State government has paid up its counterpart funds of 2 billion Naira, and Bank of Industry will provide the outstanding 3 billion Naira, bringing it all together to a total sum of 5 billion Naira in the first phase”, Prince Kanu stated.

Prince Kanu who also announced significant strides in Women Empowerment, said that the present administration, through the Ministry of Women Affairs’ Livelihood Collective Project, 60 processing sites, comprising garri and oil palm processing facilities, have been completed across the three senatorial zones of the State.

He outlined the distribution to include; 21 sites in Isiala Ngwa North LGA, 20 in Obingwa LGA, and 19 in Ohafia LGA.

“This move underscores the high premium the State Government places on pulling out as many Abians as possible out of the pangs of Poverty.

“These women have been empowered with these projects, and we believe that is the way to go with our womenfolk”, Prince Kanu said.

On infrastructure and digital transformation, the Commissioner announced the upcoming flag-off of the Abia Medical City project, scheduled for May 23, 2025.

He noted that President Bola Ahmed Tinubu is expected to be the guest of honour at the ceremony adding that relevant Ministries and Agencies have already toured the project site in preparation for the epoch making event

Prince Kanu also gave an update on the Port Harcourt Road project in Aba, handled by Julius Berger., said final touches are being applied, including the installation of additional solar lighting as directed by the Governor.

He said that State will launch its Wide Area Network Internet Access and Managed Network Services (Phase 1) on Friday, May 9, 2025, pointing out that the service has been installed at the Nnamdi Azikiwe Secretariat Complex and two other State Secretariats.

“This will enhance the work of our civil servants to make work a lot easier and to add to the effectiveness of their duties,” Kanu said.

“The project will strengthen the connection between the state government and the people with a positive impact on the state’s finances.”

Also speaking, Commissioner for Industry and SMEs, Mazi Mike Akpara, emphasized that the SME funds would be strictly for genuine entrepreneurs.

“It is across sectors. If you are into fashion, agriculture, entertainment,you will get it. The move is to make sure the State Government encourages youths that are very eager to improve themselves”, he said. 

Commissioner for Women Affairs, Mrs. Maureen Aghukwa, confirmed that the State has paid its counterpart funds for the livelihood project, adding that the completed processing sites have been handed over to women beneficiaries.

“What we have been doing in the past few months is to hand over these completed sites to the women so that they can start producing things to be marketed,” she said.

Also present at the media briefing were the Special Adviser to the Governor on Media and Publicity, Mr. Ferdinand Ekeoma, and the State Director of Information, Lady Chika Orji-Nwoke.

Related