The Delta State government has formalised a ₦1 billion managed fund partnership with the Bank of Industry (BOI) aimed at strengthening Micro, Small, and Medium Enterprises (MSMEs) and accelerating job creation across the state.
The agreement was sealed with the signing of a memorandum of understanding between the state government and the BOI, reinforcing the Oborevwori administration’s commitment to enterprise development, productivity, and inclusive economic growth.
Managing Director and Chief Executive Officer of the Bank of Industry, Olasupo Olusi, described the initiative as a clear demonstration of the Delta State Government’s resolve to support entrepreneurs and productive businesses.
Olusi stated that MSMEs remain the backbone of the Nigerian economy, accounting for a significant share of employment and economic activity.
He said the ₦1billion commitment reflects a deliberate decision by the state government to partner with a credible development finance institution to ensure transparency, efficiency, and measurable impact in the deployment of public resources.
Also speaking, Divisional Head, MSME – South-South at the Bank of Industry, Mr. Patrick Irabor, said the fund is targeted strictly at productive enterprises operating within Delta State.
He explained that eligible businesses must be registered with the Corporate Affairs Commission (CAC) and operate within value chains that involve production, processing, or transformation of goods, particularly in manufacturing, agro-processing, and light industry.
Irabor noted that investments under the scheme are expected to generate multiplier effects across communities, citing agro-processing ventures such as rice processing as examples capable of empowering farmers, women, and youths while strengthening local value chains.
Governor Sheriff Oborevwori said the initiative aligns with his administration’s MORE Agenda, which prioritises job creation and sustainable economic growth.
The governor disclosed that the ₦1billion facility was approved by the State Executive Council last year as part of a deliberate strategy to empower MSMEs and reposition the state’s economy for long-term growth.
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Describing small and medium enterprises as the bedrock of strong economies, Gov. Oborevwori said the fund would provide entrepreneurs, artisans, agro-processors, and small-scale manufacturers with access to affordable capital at single-digit interest rates to expand their businesses and create jobs.
He noted that the partnership with the Bank of Industry goes beyond access to finance, incorporating business development support to help enterprises thrive in an increasingly competitive environment.
Gov. Oborevwori said the fund is a revolving facility and emphasised that loan repayment is non-negotiable, adding that proper credit appraisal and prudent risk management would determine the success of the scheme.
While reaffirming his administration’s commitment to empowerment programmes and grants, he explained that loans encourage discipline and sustainability, helping beneficiaries transition from dependency to financial independence.
“This ₦1billion is just a starting point. If it is well managed and delivers the desired impact, we will scale it up,” the governor said.
Also speaking during an interview, the state Commissioner for Economic Planning, Mr. Sonny Ekedayen, explained that the decision to structure the intervention as loans rather than grants was deliberate and driven by sustainability considerations.
Ekedayen stressed that access to the fund is strictly merit-based and not politically influenced, adding that loans promote discipline, accountability, and long-term business growth.
He said the facility is designed as a revolving fund, noting that repayments by beneficiaries would enable more entrepreneurs across the state to access financing over time.
“The Bank of Industry has a fiduciary responsibility to manage this fund prudently and ensure that only viable businesses benefit. If this initiative performs well, it opens the door for expansion and additional funding,” Ekedayen said.
He also assured that qualified businesses across the three senatorial districts of Delta State would be fairly considered, with applications submitted directly to the Bank of Industry or through the Ministry of Trade and Industry.
