The Delta State government has reassured its commitment to bolstering Micro, Small, and Medium Enterprises (MSMEs) by confirming that the approved N1 billion soft loan initiative is nearing implementation. Olisa Ifeajika, Executive Assistant to Governor Sheriff Oborevwori, clarified on Monday that the slight delay stemmed from the meticulous documentation process, specifically the finalization of the Memorandum of Understanding (MoU) with the Bank of Industry (BoI).
“The fund is ready, but the people cannot access it now. It will be ready in a few weeks after the proper documentations are done by way of signing a memorandum of understanding between the state government and the bank,” Ifeajika stated.
The N1 billion loan, announced earlier in February by the Commissioner for Economic Planning, Sonny Ekedayen, is designed to provide crucial financial support to both existing and new MSMEs within the state, featuring a single-digit interest rate.
The selection of the BoI as the fund manager underscores the state government’s dedication to ensuring the loan’s effective and transparent distribution. “The choice of the BoI as fund manager was deliberate due to its expertise and years of experience in handling such funds,” Ifeajika explained. This partnership aims to leverage BoI’s established infrastructure and proven track record to maximize the impact of the loan initiative.
The loan scheme is designed to be inclusive, catering to all residents operating businesses within Delta State. Ifeajika emphasized that there are no political biases in the process. “The qualification is just do your business in Delta and present your qualification to the BoI for assessment,” he clarified. The primary criteria for accessing the loan involve demonstrating residency and submitting appropriate documentation to the BoI for evaluation.
The state government’s decision to allocate N1 billion to MSMEs reflects a broader strategy to stimulate economic growth and foster entrepreneurship within Delta State. “The economy of any nation revolves around the MSMEs. This informs the state government’s decision to earmark the N1 billion loan for MSMEs to grow the state economy,” Ifeajika asserted.
In response to speculations regarding Governor Oborevwori’s potential defection to the All Progressives Congress (APC), Ifeajika dismissed these claims as unfounded. “Oborevwori is the pathfinder of the PDP, and a general does not leave his troop. Delta is PDP, and all its members have the DNA of PDP,” he stated, emphasizing the governor’s commitment to the Peoples Democratic Party (PDP).
Ifeajika acknowledged the cordial relationship between Governor Oborevwori and President Bola Tinubu, attributing it to a shared focus on good governance and national development. “A cordial relationship exists between the governor and President Bola Tinubu, focused on ensuring good governance, and this is expected of all well-meaning Nigerians to promote the country’s overall development,” he added.
The impending release of the N1 billion soft loan represents a significant step towards empowering MSMEs in Delta State. As the government finalizes the necessary documentation with the BoI, anticipation builds among local entrepreneurs eager to leverage this financial support for growth and expansion.
