The Akwa Ibom Government has paid N4 billion counterpart funds with the Bank of Industry (BOI) to facilitate entrepreneurship loan scheme for the state.
The Managing Director and Chief Executive Officer of Akwa Ibom Investment Corporation (AKICORP), Pastor Imo-Abasi Jacob, disclosed this at the Memorandum Of Understanding(MOU) signing ceremony held at the conference room of the Corporation.
He extolled the state governor , Pastor Umo Eno for his doggedness which makes the investment a reality.
Pastor Jacob said that the process which began with the allocation of office space to BOI at the Dakkada 21–storey building in Uyo, the state capital, came to fruition after two successive administrations tried to attract the bank into the state but could not since 2012.
Jacob noted that the ‘Marching Fund’ was a testament to Governor Eno’s vision to grow Small and Medium Term Enterprises(SMEs) for a strong and virile economy.
He held that AKICORP will work together with the Ibom Leadership and Entrepreneurship Development Centre( Ibom-LED) to ensure the judicious disbursement of the funds to certified beneficiaries who had already been trained for effective utilization of the funds.
Jacob added that the funds will be disbursed as working capital where prospective beneficiaries were expected to get a minimum short term loan of N10 million and a maximum long term of N100 million respectively , with small interest digit.
He assured that both partners would leverage on the business platform to work out a sustainability plan towards generating a revolving loan for the future .
The Managing Director of BOI, Dr Olasupo Olusi while signing the agreement ,commended Governor Umo Eno for keying into the scheme to develop entrepreneurs and SMEs for poverty alleviation and self –reliant.
He pointed out that with the deals, Akwa Ibom had joined the league of states that benefit from the entrepreneurship loan scheme as in February, last year, the sum of N2 billion was disbursed to entrepreneurs while additional N3 billion was ready for disbursement.
Represented by the executive director, Small and Medium Enterprises(SMEs) , Shekerau Omar , he announced that N200b loan for entrepreneurship, manufacturing industry and SMEs was available to be disbursed to 36 states of the federation .
He stressed that BOI which harps on integrity and professionalism looks forward to more investments to boost the economy of the state.
Conducting the agreement signing, the permanent secretary in the Ministry of Justice and state Solicitor-General, Mrs Mfonobong Edemekong, emphasized the need for both parties to keep to the terms of the agreement such that the goals and objectives of the governor would come to reality.
The General Manager, Ibom Leadership and Entrepreneurship Development Center, Ekaete Umoh said that the initiative would enhance economic transformation of the landscape of Akwa Ibom ands make it economic hub of Nigeria.
Umoh who is also a Senior Special Assistant to the Governor on Ibom- LED, said that they would be beneficiaries having completed training programmes had exhibited good character and competence which reduces risk when given the funds.
She assured that Ibom -LED was determined to give maximum support to the process the best way ever to enable it succeed .
