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Abia, Stanbic IBTC Explore Infrastructure Financing, SME Growth Partnership
Abia, Stanbic IBTC Explore Infrastructure Financing, SME Growth Partnership
Abia State Governor, Dr Alex Otti, has expressed his administration’s readiness to partner Stanbic IBTC Holdings on infrastructure financing, with priority interest in the Abia Medical City, the Obuaku Seaport and the growth of SMEs.
Governor Otti made the disclosure on Thursday, when he received the Group Chief Executive of Stanbic IBTC, Mr Chuma Nwokocha, and other senior executives of the financial institution during a business meeting in his office at Nvosi, Isiala Ngwa South LGA.
The governor said infrastructure financing remained one of the key areas where the state was seeking strategic private-sector collaboration, noting that the proposed Abia Medical City ranked among his administration’s top priorities.
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He noted that the state had acquired land for the Medical City Project and was ready to commence implementation once the right development partners came on board.
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Governor Otti added that a feasibility study had already been conducted for the proposed Obuaku Seaport.
“But clearly, the area of infrastructural financing is the area we have a lot of things that we have proposed to do.
“One of them is a medical city. It sits as a top priority. The land has been acquired, we are just at the point where we need to hit the ground running. So it may be an area that you may want to look at with us.
“We also conducted a feasibility study for a sea port in Obuaku. It is also another area that you may want to look at. And a few other things”, the Governor said.
He commended Stanbic IBTC for its interest in partnering the State and noted that the collaboration would expand citizen’s access to finance, improve welfare and support business growth across the state.
Earlier, the Leader of the delegation and Group Chief Executive Stanbic IBTC Holdings, Mr Chuma Nwokocha applauded the pace of development under the Otti led administration.
Nwokocha described Abia as one of Nigeria’s most vibrant industrial and commercial hubs, driven by a strong concentration of SMEs, manufacturing firms and markets.
He said the bank’s visit was aimed at exploring practical ways of partnering the state to accelerate economic growth and unlock investment opportunities.
“Given the opportunities we see, we recognize the potentials in Abia.
“There is a convergence of values that we have seen. There is a convergence of purpose. There is a convergence of governance. There is a convergence of ambition to better the lives of the ordinary citizen. That’s why we are here”, Nwokocha said.
Other members of the delegation in their contributions, said Abians and residents would benefit from the proposed partnership which would provide mortgage financing, ranging from ₦12.5 million to ₦100 million to eligible residents.
They added that the collaboration would also cover financing for SMEs, value addition, agricultural and industrial development, infrastructure funding and initiatives to enhance the state’s internally generated revenue (IGR).
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