Key points
- Abia State is seeking Stanbic IBTC’s support for major infrastructure projects, including the proposed Medical City and Obuaku Seaport.
- The state says land has been acquired for the Medical City, while feasibility studies are underway for the seaport.
- Stanbic IBTC also plans to collaborate with the state on SME financing and economic development.
- Both parties say the partnership will support investment, job creation and sustainable growth.
Main story
The Abia State Government is exploring a partnership with Stanbic IBTC to finance major infrastructure projects and expand access to funding for small businesses as part of its economic development agenda.
Governor Alex Otti said the collaboration could support key projects, including the proposed Abia Medical City and the planned Obuaku Seaport, alongside initiatives aimed at strengthening the state’s small and medium-sized enterprise (SME) sector.
Speaking while receiving Stanbic IBTC Group Chief Executive, Chuma Nwokocha, and other senior executives in Nvosi, Otti said infrastructure financing remains one of the government’s top priorities.
He disclosed that preparations for the Medical City had reached an advanced stage, with the required land already secured, adding that the state was ready to begin implementation once suitable development partners were engaged.
The governor also said feasibility studies were ongoing for the proposed Obuaku Seaport, describing the project as another investment opportunity that could benefit from private sector participation.
Otti commended Stanbic IBTC’s interest in working with the state to improve access to finance, noting that stronger collaboration between government and financial institutions would help stimulate business growth and improve living standards.
For its part, Stanbic IBTC said Abia’s strong industrial base, active manufacturing sector and vibrant SME ecosystem make it an attractive destination for investment.
The bank said it intends to work with the state government to unlock new economic opportunities and support projects capable of driving long-term development across Abia.
The issues
Many Nigerian states are increasingly turning to partnerships with financial institutions to bridge infrastructure financing gaps. Such collaborations can help mobilise private capital for projects in healthcare, transport and enterprise development while reducing dependence on public funding.
What’s being said
“We recognise the opportunities and enormous potential in Abia. There is a convergence of values, purpose, governance and ambition to better the lives of ordinary citizens.” — Chuma Nwokocha, Group Chief Executive, Stanbic IBTC
What’s next
The Abia Government and Stanbic IBTC are expected to continue discussions on possible financing structures and areas of collaboration for the Medical City, Obuaku Seaport and SME development initiatives.
Bottom line
Abia’s proposed partnership with Stanbic IBTC underscores the state’s strategy of leveraging private sector financing to accelerate infrastructure delivery and support economic growth.
