Kaduna State, BOI, BOA Sign 2Billion Naira MoU on Agric, SMEs

Channels Television
Updated August 7, 2014
Kaduna State Governor Yero


The Kaduna State Government on Wednesday signed a 2billion Naira Agriculture, SMEs development fund partnership agreement with the Bank of Industry and the Bank of Agriculture for industrial development and agricultural revolution.

Speaking at the signing ceremony held at the Government House, Kaduna, Governor Muktar Yero said that SMEs remained a critical aspect in implementing the industrialization policy of his government, reduce poverty and create employment, urging the people of the state to key into the SME programme for the creation of wealth and job opportunities.

While assuring the partners of the judicious use of the funds, he maintained that Government has put in place, measures to closely monitor the would-be beneficiaries of the SME programme for effective management of the fund.

Speaking to newsmen after signing the agreement, the Managing Directors of the two banks said that the partnership with the Kaduna State Government was to encourage small scale industries and farmers in the state and also to reduce the high rate of unemployment and poverty in the country.

As part of the agreement, the Kaduna State Government would provide the sum of one billion Naira as its own counterpart fund, while the Bank of Industry and Agriculture would provide N500, 000 each.

The loan would be given to the beneficiaries at 8% interest rate.