BoI Earmarks N2b to Fund SMEs in Ebonyi

By Modupe Gbadeyanka

Entrepreneurs in Ebonyi State, who have longed for funding support to boost their businesses, can now heave a sigh of relief.

This is because the Bank of Industry (BoI) and the Ebonyi State government have agreed to set aside the sum of N2 billion to fund Micro, Small and Medium Enterprises (MSMEs) in the state.

The monetary assistance will come in form of a loan to be deployed at a single digit interest rate to the MSMEs, especially those operating in the solid mineral sector.

Under the financing pact, the state government will provide N1 billion, while the BoI will also provide the other N1 billion.

Managing Director of the BoI, Mr Kayode Pitan, who was with Governor David Umahi last week, stated that the lender will work with the state government in providing the needed capacity building for the MSMEs so that they could effectively utilise the fund.

On his part, the state Governor explained that he agreed to the deal because he was sure that the MSMEs would play a major role in economic development of any country.

“We are looking for empowerment and some will go into poultry, rice production, cassava production, maize production and small manufacturing,” he said.

Mr Umahi described the MSMEs as the engine of growth in an economy, noting that any fund attracted to the sector would promote industrialisation and job creation.