The Adamawa State Investment Promotion and Public-Private Partnership Coordination Unit (ADIPA) is facilitating collaboration between investors and lenders to enhance business relations for the benefit of the state.
ADIPA organized a roundtable discussion aimed at addressing the knowledge gap that hinders the growth of businesses and injecting new ideas on how to access resources through legitimate means.
In his remarks, Halilu Hammawa Malabu, Project Coordinator of ADIPA, explained that the meeting was called in response to requests from existing investors seeking to scale up their businesses, which cannot be sustained solely by their equity.
“We noticed that some lenders, such as banks, have funds available for such purposes, but there is a lack of awareness about this due to the knowledge gap,” he stated.
Emphasised as a government unit responsible for promoting public-private partnerships, they recognized the need to bridge this gap by facilitating interaction among stakeholders to promote mutual interests for the betterment of the state.
He added that the meeting equipped investors with a clearer understanding of how to access credit from banks without relying on connections or succumbing to corrupt practices, which is a common misconception in the public domain.
“As you can see, all the lenders (banks) are present, providing investors with the opportunity to ask questions. It’s important to listen to the lenders; clarifications were made regarding how to access credit facilities.
Did you know that lenders have targets for disbursing these funds? This can only happen if the minimum requirements are met. I am pleased to see that everyone here is satisfied,” Malabu said.
Regarding the sustainability of the initiative, Malabu mentioned that ADIPA had established a follow-up mechanism to ensure that all parties fulfil their commitments.
“Our office will continue to follow up with both investors and lenders to ensure all gaps are addressed. This is why we are scheduling two follow-up sessions, with the second one expected in December, where we will evaluate our success and celebrate our achievements. Malabu Stated”
Franka from Union Bank praised the opportunity provided by the state government to connect lenders and investors, stating that it will facilitate better business relationships.
“This is an opportunity for collaboration between lenders and investors. At Union Bank, we support agriculture and other sectors, which is why we have created a dedicated desk for agricultural initiatives. Union Bank is here to support investors interested in agriculture,” she said.
Additionally, Ibrahim Modibbo, Deputy President of the Adamawa Chamber of Commerce, and Yunusa Ibrahim, Lead Consultant and Chief Operating Officer of the Adamawa State Agricultural Business Support Program, commended ADIPA for establishing a valuable platform that will serve the state and its residents.
