Ebonyi State, Bank of Industry Sign $13M MOU on Agriculture, Industries

The governor of Ebonyi state, David Umahi on Monday has signed a memorandum of Understanding (MoU) with the Nigeria’s Bank of Industry (BOI)aimed at industrialising the state.

Both parties have earmarked the sum of four billion Naira with each contributing two billion Naira to execute some projects in some communities across the 13 local government areas of the state.

Addressing journalists shortly after signing the MOU at the EXCO chambers, Government House Abakaliki, Umahi said the target of the partnership was to establish at least one industry in each of the 150 communities in the state.

He said, “There is a need for Ebonyi people to understand what we have done today. Our target is to establish industry in each of our over 150 communities in Ebonyi state”.

He said the reason for going beyond local governments’ level to communities to site the projects was to adequately tackle the unemployment problem in the state, adding that it would complement the ongoing empowerment of 4000 youth and women by his administration.

He urged government functionaries to get people from their communities to form cooperatives through which they would benefit from the fund.

Umahi further explained that 50% of the fund would be channelled to Agriculture and the remaining 50% for industrialization.

The governor commended the management of BOI for their pragmatic initiatives and urged them to replicate the same in other states of the federation to cushion the unemployment rate in the country.

Earlier in a remark, the Managing Director of BOI, Dr. Olu kayode Pitan, commended Umahi for fast-tracking the partnership especially by putting forward the required funds.

Source: Daily Post

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