The Delta State Government has signed a Memorandum of Understanding, MoU, with the Bank of Industry, BoI, for the management of a N1bn revolving fund it released to the bank as loan for Micro Small and Medium Enterprises, MSMEs in the state.
The state Governor, Sheriff Oborevwori, who witnessed the signing ceremony, says the financial window was deliberately structured to reduce the burden of high borrowing costs that often stifle entrepreneurial growth.
Speaking during the signing ceremony at the government house, Governor Oborevwori described the initiative as a major milestone in his administration’s quest for inclusive growth and sustainable development under the MORE Agenda.
He emphasize that Micro Small and Medium Enterprises remain the backbone of any strong economy, accounting for the highest employment rate and serving as key drivers of economic growth.
While commending the Delta state government for its commitment to economic development, the managing director of the Bank of Industry, Olasupo Olusi, assured the Governor that the N1bn revolving fund would be accessible to beneficiaries on merit.
(Editor: Anoyoyo Ogiagboviogie)
