Abia ready to partner Stanbic IBTC on infrastructure financing, SME development

Governor Alex Otti of Abia State has expressed his administration’s readiness to partner with Stanbic IBTC Holdings on infrastructure financing, with priority interest in the proposed Abia Medical City, the Obuaku Seaport and the growth of small and medium enterprises (SMEs).

Governor Otti made the disclosure Thursday during a business meeting with senior staff of the financial institution, led by Chuma Nwokocha, its Group Chief Executive, held in his office at Umuoro Nvosi, Isiala Ngwa South Local Government Area (LGA) of the state.

The governor said that 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.

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.

Governor Otti added that a feasibility study had already been conducted for the proposed Obuaku Seaport.

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“But clearly, 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 with the State and noted that the collaboration, will expand citizen’s access to finance, improve welfare and support business growth across the state.

Chuma Nwokocha, Group Chief Executive, Stanbic IBTC Holdings and leader of the delegation, earlier applauded the pace of development under the Otti led administration in Abia State.

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 that 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 recognise 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 that Abians and residents would benefit from the proposed partnership, which would provide mortgage financing, ranging from N12.5 million to N100 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).