Jigawa State and Bank of Industry (BOI) are partnering to establish a N6 billion Micro, Small and Medium Enterprises (MSME) Growth Fund.

Gov. Umar Namadi of Jigawa said this while inaugurating BOI’s office in the state, which marked the bank’s 33rd state office nationwide.

BRANDPOWER reports that the partnership led to a signing of a Memorandum of Understanding (MoU) between both parties.

Namadi said: “Small and Medium Enterprises (SMEs) are the movers of economic growth.

“They will provide employment for youth and reduce poverty, which is why the government is supporting them through this partnership.

“The growth fund size is N6 billion, comprising a N4 billion matching fund and a N2 billion managed fund.

“The midwifing agency for this partnership is the Jigawa State Youth Empowerment/Employment Agency (JISYEEA).”

According to him, the collaboration aligns with the state’s 12-point agenda and the Renewed Hope Agenda of President Bola Tinubu.

He expressed gratitude to BOI for their confidence in Jigawa and for bringing access to finance closer to the people.

Earlier, the BOI Managing Director, Dr Olasupo Olusi, said the partnership was important in unlocking the economic potential and empowering entrepreneurs in the country.

Olusi, represented by the Executive Director, Corporate Services, Mr Usen Effiong, praised the drive of the Governor for setting up the N6 Billion MSME Growth Fund.

He also commended his support towards the setting up of the bank’s office in Dutse, the state capital.

Olusi congratulated Namadi for his exemplary leadership and the economic strides made under his administration.

He acknowledged the state government’s support, especially the provision of a purpose-built property and two years’ rent, which facilitated the establishment of the Jigawa State office without a hitch.

“This collaboration is historic. By providing financial support to MSMEs across Jigawa’s 27 Local Governments, we are boosting the manufacturing sector and supporting their value chains.

“BOI and Jigawa State Government are each contributing N2 billion for the Matching Fund, with an additional N2 billion from the state for the Managed Fund.

“These funds will fuel entrepreneurship, support startups, and enable existing businesses to thrive. We believe in the resilience and potential of Jigawa State’s entrepreneurs,”he said.

According to the BOI boss, the inauguration of the Jigawa State office increases BOI’s physical presence in 33 state offices.

“This establishment is already yielding positive results, with loan approvals for financial interventions of about N2 billion for indigenous companies and another N2.5 billion under review.

“The Rural Area Programme for Investment and Development (RAPID) has 1,621 applications at advanced review stages, targeting businesses in rural areas,” Olusi said.

He, therefore, urged all stakeholders to actively engage in the partnership, emphasising the importance of collaboration for the success of the initiative.

“Together, we can build a Jigawa State where innovation thrives, businesses flourish, and prosperity knows no bounds,” he said.

The ceremony was attended by the Deputy Governor of Jigawa State, Mr Aminu Usman, the Secretary to the State Government, Malam Bala Ibrahim, and other senior government officials.

The BOI management was represented by the Executive Director of MSMEs, Mr Omar Shekarau, Chief Economist and Head of Strategy and Research, Dr Rislanudeen Mohammed, and Divisional Head of MSME North, Mr Sanusi Gidado.