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NWDC, BoI Partner to Accelerate Industrialisation, Support MSMEs Financing
By Lawal Dahiru Mamman
The North-West Development Commission (NWDC) has begun talks with the Bank of Industry (BoI) on a strategic partnership to accelerate industrialisation and expand access to finance for businesses across the seven states of North-West Nigeria.
Both institutions said the collaboration will focus on a coordinated regional enterprise development framework to address limited access to affordable finance, low industrial activity, and youth and women unemployment in the region.
The Managing Director of NWDC, Professor Shehu Abdullahi Ma’aji, said the North-West remains Nigeria’s major agricultural and commercial corridor, linking Lagos to Kano and onward to North African markets.
He noted that unlocking the region’s potential will require structured financing for Micro, Small and Medium Enterprises (MSMEs) and industries.
“The North-West is Nigeria’s major agricultural and commercial corridor, linking Lagos to Kano and onward to Jibia and key North African markets. However, we cannot unlock this potential without structured financing for our MSMEs and industries.
“NWDC is committed to working with BoI to move from fragmented interventions to a scalable, regional development finance platform that serves our people,” Ma’aji said.
The Executive Director for MSMEs at BoI, Mr Oluwatoyin A. Edu, said the bank is prioritising inclusive industrial development through partnerships with subnational governments.
He disclosed that BoI and the Zamfara State Government are at an advanced stage of signing an MoU next month for a ₦7.5 billion management fund and a ₦3 billion matching fund.
“We are delighted to be here to present a proposal for partnership with NWDC. BoI is already collaborating with states across the region. Discussions with the Zamfara State Government have reached an advanced stage for the signing of an MoU next month on a ₦7.5 billion management fund and a ₦3 billion matching fund. Our objective is to replicate this model across the North-West through NWDC,” Edu stated.
BoI presented a six-point framework for enterprise-led development. Key areas include MSME financing for underserved businesses, support for agro-processing, industrial clusters, women and youth-owned enterprises, and value chain development.
Both institutions agreed to set up a Joint Technical Working Group to finalise the partnership framework and implementation modalities within the next 30 days.