The Jigawa State Government has announced its withdrawal from a ₦6 billion partnership with the Bank of Industry (BoI), citing delays in fund disbursement as the reason for its decision.
The agreement was initially aimed at supporting small and medium-scale enterprises (SMEs) to boost economic growth in the state.
However, the government expressed concern over the slow pace of fund allocation, prompting a review of the Memorandum of Understanding (MoU) with the bank.
Speaking after the State Executive Council meeting in Dutse, the Commissioner for Information, Youth, Sports, and Culture, Sagir Musa, emphasized the government’s commitment to empowering entrepreneurs through accessible soft loans.
As part of the MoU, the Jigawa State Government contributed ₦2 billion as a matching fund, which the BoI also matched with ₦2 billion.
Additionally, the government provided another ₦2 billion under a ‘managed fund’ arrangement to further support small business owners.
He noted that despite these efforts, the disbursement process has been slow, affecting many SMEs that applied for funding.
The Executive Council, therefore, urged the BoI to expedite loan approvals and disbursements.
The council also directed the state committee overseeing the agreement to invite BoI officials for further discussions on the matter.
Meanwhile, the council has approved various constituency projects for the 2025 fiscal year under the State Ministry of Basic Education.
The projects, valued at ₦347.6 million, include the construction of Islamic schools, the renovation of classroom blocks, and the supply of books, chalk, and school uniforms across 17 local government areas.
Benefiting LGAs include Auyo, Babura, Birnin-Kudu, Gagarawa, Garki, Gumel, Gwiwa, Gwaram, Jahun, Kazaure, Kiyawa, Kaugama, Kirikasamma, Miga, Roni, and Yankwashi.
