September 15, (THEWILL) – The Bank of Industry (BOI) has donated N3 billion to the Katsina State Government to boost local businesses in the state.
The donation was announced by the Katsina State Government via its official X (formerly Twitter) page on September 12, 2024. The state government described the donation as a “significant gesture” for the residents of Katsina State
In June 2024, the Bank of Industry disclosed via Instagram that it partnered with the Katsina State Government to launch a N5 billion Micro, Small, and Medium Enterprises (MSMEs) growth fund to enhance the state’s economic landscape. The deal was formalized through a Memorandum of Understanding (MOU) signed by the bank’s Executive Director, Corporate Services, Mr. Usen Efiong, and Katsina State Governor, Umar Radda Dikko.
As the bank stated at the time, “the N5 billion is made up of a N1 billion managed fund and a N4 billion matching fund, where BOI and the Katsina State Government are contributing N2 billion each.”
On Thursday, the government confirmed receiving a N3 billion cheque from the bank for the economic development of the state.
The governor emphasized that the MOU would stimulate economic development, create jobs, and boost the entrepreneurial ecosystem in the state.
“This significant gesture, in collaboration with the Katsina State Enterprise Development Agency (KASEDA), marks a major milestone in our journey towards fostering economic development and driving industrial growth in the state,” the governor said.
“This partnership will empower local businesses, create job opportunities, and enhance the overall economic landscape of Katsina,” the Katsina State Government tweeted.
The Bank of Industry Limited is Nigeria’s largest development finance institution.
It is owned by the Ministry of Finance Incorporated, the Central Bank of Nigeria, and private shareholders.
Its mission is to facilitate the transformation of Nigeria’s industrial sector by providing financial and advisory support for the establishment of large, medium, and small enterprises, as well as the expansion, diversification, rehabilitation, and modernization of existing enterprises.
This commitment has driven BOI to continuously develop innovative strategies, interventions, and solutions to propel the Nigerian economy towards sustained growth.
The Bank supports growth across various sectors, including Agro and Food Processing, Creative Industries, Engineering and Technology, Healthcare, Petrochemicals, Oil and Gas, Renewable Energy, and Solid Minerals. BOI operates with 30 state offices nationwide.
In 2023, President Bola Tinubu announced the appointment of Dr. Olasupo Olusi as the Managing Director and Chief Executive Officer of the Bank of Industry for an initial term of four years.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
