Rivers Residents Urged To Take Advantage Of The N4 Billion Bank Of Industry Low Interest Loan To Improve Their Small Businesses

Residents and those doing business in the state have been advised to take advantage of the four billion naira provided by the Bank of Industry and the Rivers State Government to grow their businesses

This advise was given at a Stakeholders Sensitization Workshop on the “Ease of Doing Business in Rivers State” organized by the Bank of Industry Limited in collaboration
with the Government of Rivers State through the Ministry of Commerce
and Industry and the Rivers State Microfinance Agency yesterday

The workshop was aimed at ensuring that MSMEs are well-informed about
the schemes, understand the application processes, and are
equipped to leverage these opportunities to scale their businesses.

In his speech regional manager South South of the Bank of Industry Babatunde Ajala represented by the Rivers State manager, Bank of Industry Christopher Omondiagbe also disclosed that the federal government has made available a Seventy five billion naira N75B Intervention Fund Scheme for Micro Small and Medium Enterprises

‘He said ‘”today, we gathered here as business entrepreneurs and dependable
Stakeholders in the Micro, Small and Medium Enterprises (MSMEs)
space to discuss and explore the opportunities provided by virtue of
the Bank’s N4B Matching Funds partnership arrangement with the
Government of Rivers State and the N75B FGN (MSME) Intervention
Fund Scheme. We are aware that the MSME sector is the backbone of our economy, driving innovation, creating jobs, and fostering economic growth.
Recognizing the critical role that MSMEs play, the Bank of Industry in
collaboration with the Government of Rivers State, Federal
Government and other development partners launched series of
intervention funds to provide much-needed financial support and
resources for our deserving entrepreneurs.”

According to him efforts are being made to ensure that the N4B BOI-RVSG Matching Fund Scheme and the FGN MSME Intervention Fund programme are cascaded to all deserving
beneficiaries spread across the 23 Local Government Areas in Rivers
State in line with the vision of the Administration of governor Siminialayi Fubara and the Renewed Hope Agenda of Mr President Bola Ahmed Tinubu

Rivers State Commissioner for Commerce John Otamiri represented by permanent secretary of the ministry Lawson Ikuru assured of the commitment of the Rivers State Government to address issues of poverty through provision to funds to assist small businesses grow

“There are plenty of money to be accessed. The idea of the money by both the State and the Federal government to enable us turn the state and country around and reduce poverty”

He said since government can not be the sole employer of labour there was need to make funds available to support businesses and hence create private sector employment

Also Managing Director of the Rivers State Micro Finance Agency Jonathan Tobin commended Governor Siminialayi Fubara for his vision to develop small businesses

He encouraged business owners to take the challenge and grow their businesses

Divisional Head (South South & South East) of the Bank of Industry, Engr Pacqueens Irabor on his part said the idea of the matching fund is to expand the SMSE sector

According to him the 7.5 annual interest rate for the beneficiaries is to allow business owners access the loans and pay back with ease

Our correspondent reports that Goodwill messages were taken from the Manufacturing Association of Nigeria, SMEDAN, AFAN, organized private sector, NASSI, NASME, NEPC, TIC and Skills Development & Conference Centre amongst others