The Bank of Industry (BOI) has disbursed a N3 billion matching fund to the Katsina State Government, marking a significant push to boost local businesses and stimulate economic growth in the state. The Katsina State Government made this announcement on its official X (formerly Twitter) page on September 12, 2024, hailing the contribution as a “significant gesture” for the people of the state.
This initiative is part of a larger N5 billion Micro, Small, and Medium Enterprises (MSMEs) growth fund aimed at revitalizing Katsina’s economy. The partnership between BOI and the Katsina State Government was formalized in June 2024, through a Memorandum of Understanding (MoU) signed by BOI’s Executive Director of Corporate Services, Mr. Usen Efiong, and Katsina State Governor, Umar Radda Dikko.
The agreement includes a N1 billion managed fund and a N4 billion matching fund, with BOI and the Katsina State Government each contributing N2 billion. On Thursday, the state government confirmed it had received a N3 billion cheque from BOI as part of this ongoing economic development initiative.
Governor Umar Radda Dikko emphasized the importance of the partnership, stating that the MoU would catalyze economic development, job creation, and the growth of local businesses in the state. “This significant gesture, in collaboration with the Katsina State Enterprise Development Agency (KASEDA), marks a major milestone in our journey towards fostering economic development and driving industrial growth in the state,” the governor noted.
In a statement, the Katsina State Government reiterated its commitment to empowering local entrepreneurs, saying, “This partnership will empower local businesses, create job opportunities, and enhance the overall economic landscape of Katsina.”
Bank of Industry’s Broader Role in Nigeria’s Industrial Growth
The Bank of Industry, Nigeria’s largest development finance institution, continues to play a crucial role in the country’s industrial transformation. It is jointly owned by the Ministry of Finance Incorporated, the Central Bank of Nigeria, and private shareholders. The bank provides financial and advisory support to enterprises of all sizes, focusing on the establishment, expansion, and modernization of businesses across multiple sectors.
BOI’s interventions extend to key industries such as Agro and Food Processing, Creative Industries, Engineering and Technology, Healthcare, Petrochemicals, Oil and Gas, Renewable Energy, and Solid Minerals. With 30 state offices across Nigeria, BOI remains dedicated to supporting national economic growth.
In 2023, President Bola Tinubu appointed Dr. Olasupo Olusi as the Managing Director and Chief Executive Officer of BOI, entrusting him with the mandate to drive the bank’s mission of empowering Nigerian industries for sustained economic growth.
Below are photos from the event;
