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BOI to partner Rivers govt on entrepreneurial development

Rivers State Governor, Siminalayi Fubara (middle); Managing Director /Chief Executive Officer of BOI, Olukayode Pitan (third left) and other top officials of the bank during a partnership meeting with the governor in the Government House, Port-Harcourt …yesterday.


.Set to launch N4b matching fund

The Bank of Industry Limited (BOI) and the Rivers State government have begun a developmental partnership, aimed at advancing the state government’s policy initiatives to provide sustainable economic opportunities.
The partnership was reached, yesterday, during a private meeting with Governor Siminalayi Fubara and some top management of the bank, led by the Managing Director and Chief Executive Officer (MD/CEO), Olukayode Pitan, at the Government House, Port Harcourt.

Briefing journalists shortly after the meeting, the bank’s CEO said: “We discussed the issue of matching funds and the governor expressed interest. So, he wants us to, within the next one month, accelerate the process and put together a N4 billion matching fund facility and other things to drive more economic opportunities in the state”.

The matching fund is a counterpart funding programme between the BOI and the state government where both parties are expected to join hands to create an enterprising culture and stimulate sustainable interest in entrepreneurial activities that will attract investments, increase revenue and boost economic activities.

Pitan noted that other state governments in the country have keyed into the opportunities, adding that various states have a common challenge of youth unemployment. He disclosed that Fubara is particularly interested in creating opportunities for youths in Rivers.

He said: “The technical team has been set up whereby various things, which will engage the youths, will be done. So, once we finish the work and the governor approves it, you will know more about it.”

The CEO stated that the bank’s goal is to propel the state to new heights of socio-economic prosperity, adding that the collaboration will not only enhance ease of doing business, but will also elevate productivity, boost the Gross Domestic Product (GDP) growth and empower the state to generate more revenue.

He recalled that the BOI has invested over N55.65 billion across diverse projects in Rivers.

“Our investments encompass large, medium, small and micro enterprises, reflecting our commitment to fostering growth at every level. Importantly, 55.31 per cent of our total investments in the South-South are concentrated right here in Rivers State. Our regional office that oversees our operations in the six states of the region is located in Port Harcourt,” he stated.

Pitan said while the BOI has invested substantially within the state, past attempts to forge a developmental partnership with the state government did not yield the desired fruit.

The Laurels International Magazine

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