The Ebonyi state government in partnership with the Bank of Industry (BoI), has jointly earmarked N2billion ($5.8million) to assist Micro, Small and Medium Enterprises (MSMEs) in the state.

Under the pact, the government of the state will provide N1 billion ($2.9million), while the BoI will provide the remaining N1 billion. Money from the fund will be distributed in form of loan with a single digit interest rate to the enterprises, particularly those in the solid mineral sector.

According to the Governnor of Ebonyi, David Umahi (photo, right), the decision to collaborate with the lender was born out of the belief that MSMEs have a major role to play in the economic development of the country.

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

For his part, the Managing Director of BoI, Kayode Pitan, said the bank will work with the state government in providing the capacity building needed by the MSMEs to effectively use the fund.

Anita Fatunji