The Rivers State Government’s initiative to industrialize would be supported by the Bank of Industry by providing funding for industrial centers and SMEs.
The Punch reported that this was said by the bank’s managing director, Olukayode Pitan, recently when he visited the governor of Rivers State, Simi Fubara.
Pitan claimed that BOI has spent approximately N55.65 billion on a variety of projects in Rivers State.
According to him, the bank’s investments span large, medium, small, and micro businesses, demonstrating its dedication to promoting growth at all levels.
He continued by saying that Rivers State was where 55.31 percent of BOI’s overall investments in the South-South region were concentrated.
Pitan claimed that Port Harcourt is home to the bank’s regional office, which is in charge of managing its operations throughout the six states of the South-South area.
In all 23 of Rivers State’s local government areas, he stated, “We propose the co-creation of specialist funds to empower Micro, Small, and Medium Enterprises. We strive to accelerate business growth and job creation by providing specialized finance solutions and capacity building.
“We can encourage the development of strategically positioned industrial clusters and common facility centers around the state by working together. These hubs will promote creativity, manufacturing, and resource sharing, spurring economic development.”
He asserted that vital industries including health, education, agribusiness, and others might unlock their potential for long-term growth, job creation, and improved services by working together to raise funding.