BoI, Ebonyi sign MoU on economic stimulus for SMEs


The Bank of Industry and the Ebonyi State Government have sealed a Memorandum of Understanding on the programme execution and management of funds for the Nigeria COVID-19 Action Recovery and Economic Stimulus.

A statement on Thursday said the MoU signing ceremony, which took place in Abuja, demonstrated the readiness of both parties to flag-off the NG-CARES Result Area 3 component in Ebonyi State in the coming weeks.

The General Manager, Northern Region, BoI, Dr Rislanudeen Muhammad, signed the pact on behalf of the bank, while the Commissioner for Finance, Ebonyi State, Orlando Nweze, signed for the state government.

Speaking at the event, Muhammad said the BoI appreciated the efforts of Governor David Umahi and his officials in taking the first major step to implement the NG-CARES programme in the state.

He said, “It is indeed exciting to witness the onset of a partnership between the Bank of Industry and Ebonyi, a state passionate about protecting its small businesses.

“By signing this MoU, we are committed to work together closely on achieving the goal of the programme, which is to elevate communities, households and businesses affected by COVID-19.

“Our goal is to support the state to seamlessly deliver the NG-CARES programme, using our infrastructure, while building internal capacity in the state. We look forward to a rewarding partnership with Ebonyi State, salt of the nation.”

According to the statement, Nweze said the agreement would enable Ebonyi State to leverage BoI’s nationwide infrastructure, employing technology, big data, and an extensive field agent network to deliver funds to micro, small and medium enterprises under the RA3 component of the NG-CARES programme.

He said the Ebonyi State CARES coordination office would closely monitor all aspects of programme delivery through efficient internal mechanisms, including programme parameters, key performance indicators, success metrics, reporting and validation.

“The Governor of Ebonyi State is so interested in implementing this programme. The BoI has implemented many programmes such as GEEP and others for MSMEs, and the bank has done well in that regard,” he added.


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