The Managing Director, Bank of Industry, Mr. Rasheed Olaoluwa, said a total sum of N903.4m had been approved for the development of Micro, Small and Medium Enterprises in Gombe State.

Olaoluwa, who stated this during the inauguration of the BoI office in the state, noted that 80 per cent of that amount, N722.7m, was approved specifically for the agro-processing sector of the economy.

He said through various projects being financed from the loan, the bank had been able to create a total of 1,900 direct and indirect jobs in the state.

The BoI boss said since Gombe State had been identified as a major hub of commodity-based industrial clusters within the North East, the bank would concentrate its lending efforts on major industrial clusters such as meat processing, metal fabrication, rice milling and groundnut oil production, among others.

He said, “Shortly after his assumption of office on May 2011, the Governor of Gombe State, Alhaji Ibrahim Dankwambo, expressed the desire for partnership with BoI as a vehicle for accelerating the socio-economic development of Gombe State.

“In order to actualise the partnership, he made a pledge to contribute the sum of N500m towards the establishment of a N1bn Entrepreneurial Development Fund, which was to be matched in like sum by BoI.

“The first tranche of the tate’s contribution to the matching fund in the sum of N250m was released in August 2011. This amount was equally matched by BoI thereby creating an initial pool of N500m for on-lending to entrepreneurs in the state.

“I am pleased to inform you that to date, a total sum of N903.4m was approved for 171 projects.