Bauchi, BoI sign MoU to revive collapsed industries, establish new ones

Bauchi State Governor, Sen Bala Muhammed has attributed to the collapse of industries and factories in the state to lack of capital, a development he lamented has set the state back in terms of internally generated revenue.

To correct the situation Bauchi Governor has disclosed that his government will sign a Memorandum of Understanding (MoU) with the Bank of Industry (BoI) in order to revive all of the ailing industries in the state.

The State Governor who disclosed this when he paid a courtesy visit to the Managing Director of the BoI in his office in Abuja on Thursday believes that when the MOU is signed, it will revive all the collapsed industries, build news ones thereby boosting local production of goods and services for exports which in turn will boost revenue generation in the state.

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Bala Mohammed further said that the visit is to seek for financial support from the Bank in order to assist his administration to revive the decayed industries which according to him will create more job opportunities for the teeming unemployed in the state.

The Governor also said that to support local enterprises, his administration established the Ministry of Small and Medium Enterprises and assured the Bank of timely release of counterpart funding to enable the state access financial support for the growth and development of Small and Medium Enterprises in the state.

While responding, the Managing Director of the BoI, Mr Olukayode Pitan said that the Memorandum of Understanding when signed, will not only revive industries but create new factories that will provide job opportunities and increase revenue generation for the state.

The Managing Director also said that the Bank will continue to provide financial and business support services to enterprises as a way of fulfilling its mission of transforming the country’s industries.

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