Abia secures N1bn BoI-SME development marching fund

Abia State government says it has secured N1 billion Small and Medium Enterprises (SMEs) development-matching fund from the Bank of Industry (BoI) for lending to SMEs in the state.

Ude Oko Chukwu, the state’s deputy governor, who revealed this at the third Abia State Small and Medium Enterprises Forum, held Tuesday in Aba, said the state government was to provide N500 million counterpart funding, while the BoI would provide the rest, stressing that the fund would galvanise economic activities in the state.

He urged genuine SME operators in the state to apply for the loan facility to grow their businesses and create additional employment in the state.

He also revealed that the state was discussing with the African Development Bank (AfDB) for a fund facility specifically tied to the rehabilitation of Port Harcourt Road, a federal road in Aba.

This is also as Setraco Construction has started the rehabilitation of Faulks Road, which hosts Ariaria International Market, the rehabilitation of the road would provide access to Ariaria market, which hosts patrons from neighbouring states and sub-Saharan Africa.

In the words of Abia deputy governor, “We cannot hold the made in Nigeria conversation without reference to Aba, a city that hosts more than 50,000 MSMEs, providing different products and services, ranging from leather, garment and machine tools fabrication.

“The MSME has thus provided the engine room for the diverse economic activities of Aba. The present government is particularly gladdened that its support for made in Nigeria Products have risen in recent times. As a State policy, the Abia State Government has put the promotion of made-in-Aba products in the front burner, as one of our strategies to the economic development of the state.

 “We have great potentials and comparative advantage in the finished Leather products of shoe, belt and bag making, garments, steel fabrications, among others.”

It could be recalled that the progress made by the Aba finished leather cluster in footwear production, attracted the Nigeria military, to order 50,000 pairs of military boots from Aba.

Among other investors who have developed interest in what is going on in Abia State are Nigerians in Diaspora, who have placed order for school shoes made-in Aba to be distributed to school children in the State public schools.

It could also be recalled that since inception of the present administration, Governor Ikpeazu, touted as the “Chief Marketer of Aba made products”, has shown commitment in the sector and has continuously patronized Aba made garment makers by wearing Aba made cloths at all functions.

The theme of this year’s event was Strengthening SMEs for sustainable development and employment.