The Bank of Industry (BOI) has given N3 billion to the Katsina State Government to help local businesses grow.
This big gift was shared by the Katsina State Government on their official X (formerly Twitter) page on September 12, 2024.
The government called the donation a “big help” for the people in Katsina State.
Helping Small Businesses
In June 2024, the Bank of Industry announced on Instagram that they teamed up with the Katsina State Government to start a N5 billion fund. This fund is for growing small businesses in the state.
They signed an agreement, called a Memorandum of Understanding (MOU), to make this happen. The bank’s Executive Director, Mr. Usen Efiong, and the Katsina State Governor, Umar Radda Dikko signed the MOU.
According to the bank, “The N5 billion includes a N1 billion fund managed by us and a N4 billion matching fund, where both the Bank of Industry and the Katsina State Government are each giving N2 billion.”
On Thursday, the government received a N3 billion cheque from the bank to help grow the state’s economy.
The governor said that this agreement would help the economy grow, create jobs, and help local businesses thrive.
“This big help, along with the Katsina State Enterprise Development Agency (KASEDA), is a huge step towards growing our economy and boosting industry in the state,” said the governor.
“This teamwork will help local businesses, make jobs, and improve the economy of Katsina,” the government tweeted.
More Information
The Bank of Industry Limited is Nigeria’s biggest development finance institution.
It is owned by the Ministry of Finance Incorporated, the Central Bank of Nigeria, and private shareholders.
Their mission is to help Nigeria’s industrial sector by giving financial and advisory support to start new businesses, grow existing ones, and make them better.
BOI works on many projects to help the Nigerian economy grow stronger. It supports areas like food processing, creative industries, engineering, tech, healthcare, petrochemicals, oil & gas, renewable energy, and minerals. BOI has offices in 30 states across the country.
In 2023, President Bola Tinubu appointed Dr. Olasupo Olusi as the Managing Director and CEO of the Bank of Industry for a four-year term.