In significant step toward strengthening local enterprises, Senator Ede Dafinone representing Delta Central Senatorial District in collaboration with the Bank of Industry (BoI) hosted one-day sensitization workshop for micro, small, and medium-sized enterprises (MSMEs). Held on October 25, 2024, at the PTI Conference Center in Effurun.
The workshop aimed to inform business owners about accessing federal loan opportunities, BoI intervention funds, and essential financial management strategies, Dafinone charged business owners in Delta Central to tap into opportunities offered by BOI to upscale their businesses.
Senator Dafinone while addressing the audience of entrepreneurs and community leaders, reiterating his commitment to the economic development of Delta Central. Emphasizing accountability to his constituents, he remarked, “I am here because of your votes and trust. Going forward, more events like this will ensure we stay connected, exchange ideas, and identify your needs for sustainable growth.”
This workshop was organized not only to connect attendees with BoI resources but also to highlight broader federal support programs. “Opportunities abound through various federal agencies, and it’s crucial that you know how to access these resources for your businesses,” Senator Dafinone stated.
With financial constraints affecting many small businesses, Dafinone stressed that his goal is to ensure prosperity for the people of Delta Central. He encouraged attendees to share the information with their communities.
“Today’s session is about awareness. Beyond yourselves here, you are representing people at home, so carry this information to your neighbors, family, and party members. When you access these loans, it does not stop your neighbor from benefiting,” he explained, calling for collective growth. The Senator also used the occasion to applaud President Bola Tinubu’s economic policies, which he described as necessary despite their immediate hardships.”
“Our president is making the bold decisions we needed years ago. If we had allowed petrol prices to reflect global prices, we wouldn’t face the challenges we see today. These measures aim to stop a handful of people from profiting from subsidies, ultimately benefiting all Nigerians in the long term,” he said, urging attendees to adapt and find opportunities in the changing economic landscape.
The BoI’s Divisional Head for MSMEs in the South-South and South-East, Packqueens Irabor, expressed gratitude to Senator Dafinone for initiating the workshop, which he described as a pivotal opportunity for entrepreneurs in Delta State.
“The Bank of Industry is managing a 200-billion-naira federal intervention fund that caters to large enterprises, MSMEs, and nano-industries. For nano-industries, 50 billion is available, with each recipient eligible for grants up to 50,000 naira,” Irabor said, detailing the funding structure.”
He explained that MSMEs can receive loans up to one million naira, while medium and large enterprises can access funds of up to one billion naira.
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Speaking to journalists outside the event, Senator Dafinone reiterated his dedication to empowering his constituents. “At the national level, there are numerous grants and federal programs meant to empower people in these challenging times. Many of my constituents are unaware of these opportunities, so today’s workshop was set to bridge that gap. I believe the session was successful in increasing understanding, and I am hopeful that the BoI will see a spike in applications from our community,” he said.
Irabor, speaking within the hall, lauded Senator Dafinone’s foresight, describing him as the first senator to initiate this type of meeting.
He added, “The Bank of Industry has a mandate to democratize development, and we are focused on individuals who can follow the rules and grow. Businesses that can benefit from our loans span farming, real estate, fashion design, medical centers, vocational training, and even religious institutions.”
Mr. Kenneth Nwakolo, the Chief Resource Person from BoI, emphasized the importance of financial literacy in business success, explaining the basics of financial management to participants. “Opportunities for funding abound for SMEs, whether for starting a business, expanding, or managing cash flow. But understanding finance and how it affects every business decision is essential,”
Nwakolo said, outlining the importance of responsible borrowing and repayment. As a notable aspect of the program, Senator Dafinone emphasized that BoI loans are not gifts but financial tools that require diligent management and repayment. He shared the story of a successful entrepreneur in attendance who had previously taken a loan, repaid it, and is now applying for additional funding to expand her business.
“If you apply for a loan and fail to pay back, your credit rating is damaged, which could disqualify you from future loans,” he warned, stressing the importance of maintaining a good credit score.
The event concluded with words from Senator Dafinone’s Chief of Staff, Olorogun Adelabu Bodjor, and other BoI representatives, including Babatunde Ajala, Monday Odjigada, Moses Nengor, and Gloria Odjaremu, who collectively reinforced the BoI’s commitment to guiding Delta’s entrepreneurs through the process of obtaining federal funding.
For Delta Central entrepreneurs, the BoI sensitization workshop was an eye-opener, providing them with the knowledge and tools to leverage federal resources to grow their businesses. Senator Dafinone’s efforts reflect a broader goal: to not only support individual businesses but also foster economic resilience across Delta Central’s communities.
