As part of efforts geared to ensure smooth application processes, benefits, the Bank of Industry (BoI) on Friday sensitised business owners in Edo state on the federal government’s N75 billion intervention fund.
Speaking at the programme which was held in Benin City, the Edo state manager of BoI, Engr. Christopher Omondiagbe, said the fund “offers a nine per cent annual loan interest for Micro, Small, and Medium Enterprises (MSMEs).”
He said the fund was aimed at empowering entrepreneurs with financial support to grow their businesses and boost the economy.
Omondiagbe, who noted that the MSMEs sector “drives innovation, creates jobs, and fosters growth,” said “this intervention fund ensures these businesses have access to affordable financing and technical support.”
The Bank manager listed key development partners supporting the initiative to include NASSI, NASME, SMEDAN, Edojobs, ESIPO, and other stakeholders working to ensure equitable fund disbursement.
He said the partners were collaborating to implement the programme across the 18 local governments Areas under the Renewed Hope Agenda of President Bola Ahmed Tinubu.
He said, “The Fund also prioritises sectoral diversity, providing financial support to businesses in various industries and seeking to generate employment opportunities while fostering economic resilience.
“Additional benefits include boosting agricultural productivity, improving household income, and driving GDP growth to enhance Nigeria’s overall economic landscape.”
On his part, the Managing Director, Edo State Investment Promotion Office (ESIPO), Mr. Amen Odigie, said the office was committed to working collaboratively with BoI to create an enabling environment for businesses to thrive.