Sokoto State Government has signed a memorandum of understanding (MoU) with the Bank of Industry (BoI) for the establishment of a N2 billion industrial development fund in the state.
Speaking during the signing of the MoU in Sokoto on Thursday, Governor Aminu Tambuwal said the two parties will provide a billion naira each, while the fund will focus on micro, small and medium scale enterprises.
A statement issued by the governor’s spokesman, Malam Imam Imam, quoted Tambuwal as saying that the focus on SMEs was important because they are critical component in implementing the industrialization policy of his administration.
“Sokoto State Government is determined to give the people all the required support to improve their businesses. I urge our entrepreneurs, businessmen and women to take advantage of this opportunity to enhance their capacity and improve on their businesses for effective service delivery,” the governor said.
He added that in order to ensure maximum benefit, government will only recommend those who have the capability to judiciously utilise the funds.
Tambuwal reiterated the government’s commitment to implement the terms of the agreement and assured that the efforts will yield positive results.
In his remarks, BoI’s Acting Managing Director, Waheed Olagunju, said the matching fund was intended to positively impact on the industrial development of Sokoto state.
He added that the synergy created between the two parties would provide a veritable platform for Sokoto State to experience accelerated economic growth and transformation.
While thanking the governor for giving BoI an office accommodation in Sokoto, Mr Olagunju said the bank will continue to support the business community in the state so as to improve its economic well-being.