The Bank of Industry Limited (BOI) in partnership with Rivers State government has announced a N4 billion matching fund facility to drive more economic opportunities in the state.
The matching fund is a counterpart funding programme between the BOI and the state government where both parties are expected to join hands to create an enterprising culture and stimulate sustainable interest in entrepreneurial activities that will attract investments, increase revenue and boost economic activities.
The Managing Director and Chief Executive Officer (MD/CEO) of BoI, Olukayode Pitan, who disclosed this in a statement, when he led some top management of the bank in a meeting with Governor Siminalayi Fubara at the Government House, Port Harcourt, said the co-creation of the specialised funds is aimed at empowering Micro, Small, and Medium Enterprises (MSMEs) across all 23 local government areas of Rivers State.
Pitan noted that by offering tailored financial solutions and capacity building, it aimed to amplify entrepreneurial growth and job creation in the state.
He noted that other proposed areas of partnership with the state include the establishment of industrial hubs and common facility centres, digital economy and e-government initiatives as well as funds to drive key sectors such as health, education and agribusiness, among others.
“As of today, BOI has invested over N55.65 billion across diverse projects in Rivers State. Our investments encompass Large, Medium, Small, and Micro Enterprises, reflecting our commitment to fostering growth at every level. Importantly, 55.31% of our total investments in the South-South Region are concentrated right here in Rivers State. Our regional office that oversees our operations in the six states of the South-South region is located in Port Harcourt.
While BOI has invested substantially within Rivers State, we acknowledge that past attempts to forge a developmental partnership relationship with the state government have not borne the desired fruits. However, this juncture marks a turning point, a renewed chance to collaborate in a manner that can significantly transform the socio-economic landscape of the state,” he noted.
Pitan said the partnership will boost the ease of doing business, encourage job creation, enhance productivity and increase the internally generated revenue of the state.