AKSG, BOI COLLABORATE ON ENTREPRENEURSHIP DEVPT.

The Akwa Ibom State Government and the Bank of Industry (BOI) have signed a memorandum of understanding (MoU) on the N4 billion counterpart funding to be used in driving entrepreneurship development in the state.

Speaking at the MoU signing ceremony, Tuesday, February 18, 2025, the Managing Director/Chief Executive Officer of Akwa Ibom Investment Corporation (AKICORP), Pastor Imo-Abasi Jacob, noted that the event was another proof of Governor Umo Eno’s sincere commitment to the development of entrepreneurship in Akwa Ibom.

Pastor Jacob, who led the government’s team, recalled that two previous administrations in the state had tried to bring the Bank of Industry to the state but could not, adding that the presence of BOI in Akwa Ibom today was as a result of Governor Eno’s doggedness and determination.

“The first time we had an opportunity like this to engage BOI was in 2012 when we seriously thought of bringing BOI to the state, but it didn’t happen. Two successive governments had tried to bring BOI to the state but could not. It is within that context that we must celebrate His Excellency’s doggedness and determination to bring BOI to the state. It started with a low hanging fruit of giving the bank an office in the state.

“What we are doing today is very significant for the state and our people. Both partners, Akwa Ibom State Government and Bank of Industry have come together to develop a joint fund of 4 billion naira with two counterparts. First, is BOI’s 2 billion naira and then the state government’s 2 billion naira.

“The significance of this joint funding is that both parties have agreed that by coming together, we can drive the interest rate below the commercial rates. This is a very good news for entrepreneurs in our state. And we have agreed to work together to ensure this is achieved,” he said.

While commenting on the strategies adopted by the state to ensure that the loan scheme is effectively implemented to achieve its purpose, Pastor Jacob disclosed that AKICORP will work closely with the Ibom Leadership and Entrepreneurial Development Centre (Ibom-LED) to see to it that only trained entrepreneurs with capacity are considered.

He commended the teams from the state government and Bank of Industry for working painstakingly on the MoU to the satisfaction of both parties, assuring that the bank will be actively involved in monitoring the implementation of the loan.

Earlier, the Executive Director, MSME of the Bank of Industry, Mr Shekarau Omar, had commended Governor Eno for his commitment to entrepreneurship development in the state, adding that entrepreneurs in Akwa Ibom will enjoy a lot of support from the governor’s numerous programmes and initiatives.

Mr Omar, who was speaking on behalf of the bank’s MD/CEO, Dr. Olasupo Olusi, disclosed that BOI as the oldest government financing institution in Nigeria, is the most reliable and trust-worthy in financing businesses in the country, assuring that with their presence in Akwa Ibom, there will be an economic boom.

“Between February last year when we opened our office in Akwa Ibom and now, we have disbursed over N2 billion to entrepreneurs in the state. We are also working on disbursing additional N3 billion between now and next month,” he disclosed.

He further revealed that Nigeria was in partnership with various institutions to generate funds in millions of dollars that will be injected into entrepreneurship development as grants in the country and that Akwa Ibom was going to be among the benefiting states.

“We are happy to have presence in Akwa Ibom because this is a state that is focused. At the Bank of Industry, we have a leadership that believes in the development of the people, the development of entrepreneurs, and that leadership is proud to partner with Akwa Ibom state government. This MoU signing is only one of the many positives that will come from this partnership.

“When we finish signing this, the impact will be felt. The people of this state will benefit. The whole N4 billion will come and stay in this state. It is for the development of entrepreneurs in the state. For the marching funds, we will make sure that it is the right people that benefit,” he said.

While assuring that BOI will maintain strict professionalism and operate with integrity, he appealed that capacity and competence to handle funds be considered when selecting the entrepreneurs to benefit from the funding.

In her brief vote of thanks, the General Manager of Ibom-LED, Mrs Ekaette Umoh, assured that the Centre will play its role in training the potential beneficiaries in order to ensure that the funds create the desired impacts when they are disbursed, assuring that Akwa Ibom was poised to become the economic hub of Nigeria and thanked Governor Eno for driving the vision.

“We don’t want Akwa Ibom to be a civil service state with a little bit of business. We want Akwa Ibom to become the economic hub of Nigeria. So, Lagos should watch out for us because we are coming,” she said.

Highpoint of the event was the signing of MoU which was done by Pastor Jacob on behalf of Akwa Ibom State Government and Mr Omar, on behalf of the Bank of Industry.

Other team members from BOI present at the event were, Executive Director (CS & C), Mr Usen Effiong; Company Secretary, Mrs Olufunlola Salami; Divisional (MSME-South I), Dr Kings Jack; Legal Adviser, Ireti Daramola; Divisional Head (MSME-South II), Mr Pacqueens Irabor; Regional Manager (South-South), Mr Babatunde Ajala, and State Manager, Akwa Ibom, Mr Tolulope Toluwase.

On the state government team were, State Solicitor General, Mrs Mfonobong Edemekong; Legal Adviser, AKICORP, Ime Obot; SSA to the Governor on Entrepreneurship, Mr Ime Uwah, and SSA to the Governor on Tourism, Mrs Ime Udoh.