The Bank of Industry has donated N3 billion to Katsina State to support local businesses.
The Katsina State Government announced the donation on September 12, 2024, via its official X page, calling it a “significant gesture” for residents.
In June 2024, the Bank of Industry announced on Instagram its partnership with the Katsina State Government to create a N5 billion Micro, Small, and Medium Enterprises growth fund.
The initiative, aimed at boosting the state’s economic landscape, was formalized through a Memorandum of Understanding signed by the bank’s Executive Director of Corporate Services, Mr. Usen Efiong and Katsina State Governor Umar Radda Dikko.
As the bank stated at the time, “the N5 billion is made up of a N1 billion managed fund and a N4 billion matching fund, where BOI and the Katsina State Government are contributing N2 billion each.”
On Thursday, the government confirmed receiving a N3 billion cheque from the Bank of Industry for the state’s economic development.
The governor highlighted that the MOU would stimulate economic growth, create jobs, and enhance the entrepreneurial ecosystem in Katsina 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.
“This partnership will empower local businesses, create job opportunities, and enhance the overall economic landscape of Katsina,” the Katsina State Government tweeted.
The Bank of Industry Limited is Nigeria’s largest development finance institution.
It is owned by the Ministry of Finance Incorporated, the Central Bank of Nigeria, and private shareholders.
