Residents and business owners in Rivers State have been advised to take advantage of the N4 billion fund provided by the Bank of Industry (BOI) and the Rivers State Government to grow their businesses.

This call was made 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 Rivers State Government through the Ministry of Commerce and Industry and the Rivers State Microfinance Agency.

The workshop aimed to ensure that Micro, Small, and Medium Enterprises (MSMEs) are well-informed about the schemes, understand the application processes, and are equipped to leverage these opportunities to scale their businesses.

Representing the Regional Manager, South-South of the Bank of Industry, Babatunde Ajala, Rivers State Manager, Christopher Omondiagbe, disclosed that the federal government has also made available a N75 billion Intervention Fund Scheme for MSMEs.

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, the Federal Government, and other development partners, launched a 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 President Bola Ahmed Tinubu.

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

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

He said since the government cannot be the sole employer of labor, there was a need to make funds available to support businesses and, hence, create private sector employment.

Also, the Managing Director of the Rivers State Microfinance 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.

The 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 MSME sector.

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

However, several goodwill messages were taken from the Manufacturers Association of Nigeria, SMEDAN, AFAN, the organized private sector, NASSI, NASME, NEPC, TIC, and the Skills Development & Conference Centre, amongst others.