The Delta State Government has approved a ₦1 billion revolving fund to be managed by the Bank of Industry (BOI), offering loans at a single-digit interest rate to support Micro, Small, and Medium Enterprises (MSMEs) across the state.
The State Commissioner for Economic Planning, Sonny Ekedayen, announced this during a post-Executive Council (EXCO) briefing at Government House, Asaba, on Thursday.
Ekedayen stated that the initiative is designed to boost entrepreneurship, create jobs, and stimulate economic growth by providing accessible financing to small business owners at affordable rates.
“This is exciting news for MSMEs, manufacturers, hoteliers, and small-scale industries in Delta State. The Exco has approved a ₦1 billion managed fund with the Bank of Industry—another laudable achievement of the Oborevwori-led administration,” he said.
He emphasized that the low-interest loan would help businesses expand operations, improve productivity, and sustain growth.
“Many businesses struggle due to high prime lending rates, which are around 30%. However, this initiative guarantees business owners access to a single-digit interest loan from the Bank of Industry,” Ekedayen explained.
He further clarified that the fund is a loan, not a grant, and will be available to serious-minded entrepreneurs with a proven track record. The repayment period will range from one to five years, with a flexible moratorium period.
Delta State Medium-Term Development Plan Approved
The commissioner also announced the approval of the Delta State Medium-Term Development Plan (2024-2027), which will serve as the strategic framework for project approvals and implementation under the Governor’s MORE Agenda.
“This document encapsulates the Governor’s vision and mission and will guide government spending—all without borrowing,” he added.
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