In a bold move to unlock the economic potential of Nigeria’s Southeast, the Bank of Industry (BoI) and the Abia State Government have unveiled a transformative N10 billion funding initiative to support Small and Medium Enterprises (SMEs) across the state.

Unveiled at the Government House in Umuahia, the partnership marks a significant stride toward grassroots economic revitalization, with a special focus on job creation, poverty alleviation, and industrial growth.

Abia’s Commissioner for Information, Okey Kanu, announced that the state government has already injected N2 billion into the project as counterpart funding. The BoI is expected to commit an additional N3 billion in the first phase, bringing the immediate total to N5 billion. A second phase of equal value will follow, completing the N10 billion vision.

Beyond funding, the state is also ramping up women-focused economic empowerment. Under the Livelihood Collective Project, the Ministry of Women Affairs has established 60 agro-processing hubs across the three senatorial zones for garri and oil palm production. The sites are distributed across Isiala Ngwa North (21), Obingwa (20), and Ohafia (19) Local Government Areas.

“These projects reflect our commitment to lifting Abians, especially women, out of poverty through sustainable empowerment,” Kanu emphasized.

Founded in 2001, the Bank of Industry continues to play a pivotal role in fostering industrialization and innovation in Nigeria and West Africa. Under the leadership of Dr. Olasupo Olusi, the bank has doubled down on its mission to support Micro, Small, and Medium Enterprises (MSMEs), promote financial inclusion, and stimulate long-term, inclusive growth.