IDC signs MOU with the government of Bayelsa State

IDC signs MOU with the government of Bayelsa State

16 November 2012
Johannesburg, South Africa

The Industrial Development Corporation (IDC) and the government of Bayelsa State today signed an historic memorandum of understanding to help set up a development financing institution (DFI) in the Nigerian state.

The IDC, a national development finance institution set up to promote economic growth and industrial development, will support Bayelsa State set up a similar institution.

It is envisaged that the mooted institution will have a nationwide footprint and ultimately play a role in boosting regional economic integration.

In terms of this partnership, there will be an open exchange of expertise and skills between the IDC and yet to be formed Bayelsa development financial institution.

Chief Executive Officer of the IDC, Geoffrey Qhena, said the corporation was “privileged and humbled … to be able to assist Bayelsa State in its journey”.

Qhena also added that IDC’s key objective was to ensure that the continent became self-sufficient and strong. This was only possible if DFIs were effective in promoting growth in emerging businesses and industries.

Chief Economic Adviser to Bayelsa State, Tamunoye Alazigha, described the partnership as “a testament to uplifting the economic development of Bayelsa State”.

“The financial institution would help improve infrastructure in Bayelsa State, and that would benefit the country as a whole,” said Alazigha.

Despite its numerous natural resources, Bayelsa remains underdeveloped and faces significant geographical challenges.

The state was in an under-developed region which Alazigha described as “rife with geographical challenges”.

The region is situated in southern Nigeria in the core of the Niger Delta region and boasts large crude oil and natural gas deposits.

The signing of the MoU took place against the backdrop of the first joint CEO Forum organised by the Association of African Development Finance Institutions and the Association of Development Financing Institutions of Asia and the Pacific, held in Johannesburg from 13 – 16 November, 2012. The two-day event looked at enhancing South-South partnerships and sharing knowledge on helping small and medium enterprises access the broader economies in the regions through value chain financing.

For more information contact:
Mandla Mpangase
Public Relations Manager – IDC
Tel:  +27 (0) 11 269 3282


















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