The Abia State Government and the Bank of Industry (BOI) have signed a Memorandum of Understanding (MoU)  on the generation of N1billion for Micro, Small and Medium Enterprises (MSMEs) in the state.

Abia state Governor, Okezie Ikpeazu said that Abia has over 1,000 artisans producing items being sold in various parts of Nigeria and Africa and that these artisans needs machinery that would enable them to mass produce their products and with precision in design that would meet international standard.

According to him, the nation’s economy depends on the ability of MSMEs to thrive, adding that the state government is willing to cooperate to actualise the vision of boosting the economy.

He however commended the Federal Government for its renewed efforts toward evolving policies that would further develop the non-oil sector of the nation’s economy.

In his words “This is the time for everyone to seize the numerous opportunities in MSMEs and focus on conquering the Nigerian market as it will provide a solid launch pad for Nigerian products to enter the world market.”

Responding to the Governor,  Mr Waheed Olagunju, the BOI Acting Managing Director, said that the purpose of the MoU was to support MSMEs to add value to their goods and services.

Olagunju said that the implementation of the Mou should be `hand-in-glove’ with capacity building for prospective beneficiaries of the loan.

He said that this would encourage the beneficiaries to avoid treating the loan as a national cake and enable them to harness their potential as well as honour their obligation of paying back the loan.