Ebonyi agrees N4bn MoU with BoI to boost agriculture

Ebonyi State Government has signed a N4 billion agreement with the Bank of Industry (BoI) to promote agriculture in the state.
 
Gov. Dave Umahi of Ebonyi State
Mrs. Hadiza Olaosebikan, BoI’s Head of Corporate Communication disclosed this to newsmen in Lagos recently.

Olaosebikan said the N4 billion would be used to establish one industry in each of the 150 communities in the state and create economic boom.

She said the partnership would enhance employment and wealth creation through entrepreneurship.

According to her, Gov. Dave Umahi of Ebonyi commended BoI for supporting the state’s economic growth initiative with 50 per cent of the fund.

She quoted Umahi as saying that the initiative was part of the solutions to the current economic recession plaguing the country following the crash of global oil prices.

The governor said that N2 billion, under the initiative, would be dedicated to the agricultural sector, while the remaining N2 billion would be allocated to the industrial sector.

According to him, beneficiaries of short-term loans will be charged five per cent interest, while long-term beneficiaries will pay back with a 6.25 per cent interest.


The governor urged members of his cabinet to drive awareness of the intervention fund across their constituencies and encourage the would-be beneficiaries to set up cooperative societies to enable them to access the fund.

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