Rivers, BOI to partner to create ₦4billion enterprise fund

The Rivers state government has concluded plans to create a four billion (₦4,000,000,000.00) naira Enterprise Fund in partnership with the Bank of Industry (BOI).

This was disclosed on Tuesday by the governor of Rivers, Siminalayi Fubara, who said that the Enterprise Fund is meant to stimulate economic growth, enhance job creation and reduce poverty in the state.

According to Fubara, the Enterprise Fund will also help to facilitate the development of micro, small and medium enterprises (MSMEs) in Rivers State.

“With this fund, owners and intending MSME entrepreneurs will have ready access to credit to fund or start their enterprises at single-digit interest rates with a maximum of a five-year repayment period,” he posted on X (formerly Twitter).

Meanwhile, Fubara on Monday expressed the readiness of his administration to respond to any imminent flood challenge in Rivers.

He added that to this end, the Rivers state government has already set up a committee for the purpose of fighting any flood challenge.

Fubara has also made an appeal to corporate bodies, well-meaning individuals and non-governmental organizations to be ready to materially support the intergovernmental flood management committee.

The Rivers state governor believes their support will go a long way in helping the committee to succeed in this critical assignment to rescue the vulnerable people.

He added that over these first 100 days of his administration, they have taken quality steps to advance the well-being of the people of Rivers in the face of the economic hardship caused by the sudden withdrawal of fuel subsidies, unemployment and rising inflation.

The governor has also assured the state residents of his administration’s intention to sustain these and other mitigating measures including the distribution of food to the vulnerable population for a considerable time.