joshuaBOI Sensitises Small Business Owners On FG N75bn MSME Fund In Edo
By Ikhili Ebalu, Benin City
The Bank of Industry (BOI) on Friday held a sensitisation programme for small business owners on the Federal Government’s N75 billion Micro, Small, and Medium Enterprises (MSMEs), Intervention Funds in Edo.
Speaking in Benin, Engr. Christopher Omondiagbe, the State Manager of BOI, said the funds aimed at empowering entrepreneurs with financial support to grow their businesses and boost the economy.
Welcoming participants to the sensitisation programme, Omondiagbe said the programme was designed to enlighten micro, small, and medium enterprises (MSMEs) about the benefits and application process.
He emphasised the importance of the initiative to Nigeria’s economic growth and development.
“The MSME sector drives innovation, creates jobs, and fosters growth. This intervention fund ensures these businesses have access to affordable financing and technical support,” he stated.
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 explained that the partners were collaborating to implement the programme across Edo state’s 18 local government areas under the Renewed Hope Agenda of President Bola Ahmed Tinubu.
Omondiagbe noted that the N75 billion fund offered a nine percent annual loan interest rate, simplified application processes, and technical assistance for capacity building among Nigerian entrepreneurs.
He stated that the fund also prioritises sectoral diversity, providing financial support to businesses in various industries, including agriculture, trade, and technology.
According to him, Job creation remains a cornerstone of this initiative, as the fund seeks to generate employment opportunities while fostering economic resilience.
Adding that, Additional benefits include boosting agricultural productivity, improving household income, and driving GDP growth to enhance Nigeria’s overall economic landscape, ” he added.
He urged participants to engage actively, seek clarity, and leverage the opportunity to access financial tools essential for expanding their business operations.
Omondiagbe, however, called for collective efforts to create a thriving entrepreneurial ecosystem for a prosperous future in Edo and Nigeria.
Also speaking, 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.
Odigie stated that ESIPO recognised the critical role MSMEs played in the state economy.
He said BOI aimed to equip MSMEs in the state with necessary information and guidance to navigate the application process for the funds.
He urged all eligible MSMEs to seize the opportunity, adding that the funds could be a game changer, providing needed capital to expand operations and create jobs.
Also at the event, the chairman of the National Association of Small and Medium Enterprises (NASME) Frank Aguebor commended the federal government for providing the funds.
Aguebor also thanked BOI for the sensitisation, saying that it was necessary to educate business owners on how to access the funds in the state.
