Akwa Ibom Secures N4bn BOI Counterpart Funds To Grow SMSEs

MONDAY February 24, 2025 |TheNewsDESK

In a significant move to boost industrial development and socio-economic empowerment to cushion the prevailing challenges, the Akwa Ibom State Government and Bank of Industry, BOI, have signed a Memorandum of Understanding, MoU, for a more private sector funding.

The initiative by Governor Umo Eno hinges on his commitment to strengthening the real sector through enterprise promotion to boost economic development.

The signing ceremony held at the Akwa Ibom Investment Corporation, AKICORP, conference room at the APICO Investment House, Uyo, was attended by key officials from BoI and the state government.

According to the MoU, “The agreement outlines the commitment of both parties to contribute a matching fund of N4 billion with each party contributing N2 billion. 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 and gas, creative industry, agribusiness, healthcare, education, renewable energy, and more”.

The agreement also includes provision for training and capacity building through the Ibom Leadership and Entrepreneurial Development Centre, Ibom-LED, ensuring that beneficiaries are well-equipped to manage and grow their businesses.