By Sunday Apah
In a strategic move to bolster Micro, Small, and Medium Enterprises (MSMEs) across Delta State, Governor Rt. Hon. Sheriff Oborevwori officially inaugurated a ₦1 billion revolving loan fund, partnering with the Bank of Industry (BoI) to administer the facility.
The agreement was formalized on Tuesday at the Government House in Asaba through the signing of a Memorandum of Understanding (MoU).
During the ceremony, Governor Oborevwori hailed the initiative as a significant achievement toward fulfilling his administration’s goal of inclusive economic growth under the MORE Agenda.
He highlighted that the fund, sanctioned by the State Executive Council in early 2025, aims to eliminate persistent barriers to affordable financing for MSMEs.
“MSMEs form the backbone of any robust economy, providing the highest rates of employment and driving sustainable development,” the Governor emphasized.
“By offering access to capital at single-digit interest rates, we empower traders, artisans, agro-processors, and small manufacturers to expand operations, generate employment, and contribute substantially to our state’s prosperity.”
The revolving fund arrangement is intentionally designed to alleviate the heavy borrowing costs that have historically hampered entrepreneurial expansion, while ensuring a sustainable lending cycle.
Governor Oborevwori underscored the non-negotiable responsibility of beneficiaries to repay loans promptly, thus enabling the fund to continuously support other qualifying entrepreneurs.
“Our selection of the Bank of Industry as custodians of this fund reflects their unparalleled expertise as Nigeria’s premier development finance institution, featuring rigorous credit assessment and entrepreneurial support mechanisms,” he stated.
“This partnership transcends financial provision; it integrates crucial business development services essential for thriving in a competitive economic landscape.”
Reflecting on the state’s legacy of empowerment programmes, the Governor noted that reliance solely on grants could breed complacency and weaken accountability.
“This revolving loan model will instill financial discipline, enhance the appreciation of capital, and drive sustainable growth among entrepreneurs,” he explained, assuring that existing grant programs will persist alongside this initiative.
Originally slated for launch in December, the programme’s commencement was deferred to January to coincide with a period when entrepreneurs are strategically focused on business growth and renewal.
Looking forward, Governor Oborevwori expressed optimism about scaling the fund considerably based on its impact, envisioning potential expansions to ₦10 billion, ₦20 billion, or beyond, stressing that this initiative is merely a foundational step.
Speaking earlier at the event, Dr. Olasupo Olusi, Managing Director of the Bank of Industry, lauded the collaboration as a pivotal instrument for driving enterprise development and sustainable economic prosperity in Delta State.
He affirmed that the revolving loan fund enhances MSMEs’ access to affordable capital while reinforcing the synergy between the state government and Nigeria’s foremost development finance institution.
“This initiative aligns perfectly with our mandate to convert government policies into actionable financial solutions that address sectoral business challenges,” Olusi remarked.
“The Bank of Industry remains unwavering in its commitment to partnering with governments and private stakeholders to foster innovation, value creation, and competitiveness.”
He commended the Delta State Government’s dedication to economic advancement, describing the MoU as a definitive testament to the administration’s proactive approach to sustainable development.
