Abia Government says it is seeking the infrastructure financing support of Stanbic IBTC towards the realisation of major projects in the state, including the proposed Medical City and Obuaku Seaport.

According to the state government, while land has been acquired for the Medical City, feasibility studies are underway for the seaport.

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This is just as the Stanbic IBTC disclosed of plans to collaborate with the state on SME financing and economic development.

State 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, Governor Otti stated that 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.

On 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.

“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,” said Chuma Nwokocha, Group Chief Executive, Stanbic IBTC.

To this end, 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.