Bank of Industry gives N3bn to support Katsina businesses
The Bank of Industry has donated N3 billion to Katsina State to help local businesses.The Katsina State Government announced the donation on September 12, 2024, on its official X page, describing it as a "significant gesture" for residents.
In June 2024, the Bank of Industry announced on Instagram a partnership with the Katsina State Government to establish a N5 billion Micro, Small, and Medium Enterprises growth fund.
Mr. Usen Efiong, Executive Director of Corporate Services at the bank, and Katsina State Governor Umar Radda Dikko signed a Memorandum of Understanding to formalise the initiative, which aims to boost the state's economic landscape.
According to the bank's initial disclosure, "the N5 billion is made up of a N1 billion managed fund and an N4 billion matching fund, where BOI and the Katsina State Government are contributing N2 billion each."
On Thursday, the government confirmed receipt of a N3 billion cheque from the Bank of Industry for the state's economic development.
The governor emphasised that the MOU would boost economic growth, create jobs, and strengthen Katsina State's entrepreneurial ecosystem.
"This significant gesture, made in collaboration with the Katsina State Enterprise Development Agency (KASEDA), is a major step forward in our efforts to promote economic development and industrial growth in the state.
The Katsina State Government tweeted, "This partnership will empower local businesses, create job opportunities, and improve the overall economic landscape of Katsina."
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 individual shareholders.
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