To educate small business owners about the Federal Government’s N75 billion Micro, Small, and Medium Enterprises (MSMEs) Intervention Fund, the Bank of Industry (BOI) Limited has arranged a sensitization session in Benin City.
By offering vital knowledge on how to obtain and use the grant to improve their businesses and support economic growth, the project aims to empower MSMEs in Edo State, southern Nigeria.
Speaking at the function on Friday, Mr. Christopher Omondiagbe, State Manager of the BOI, emphasized that the fund’s goal was to provide entrepreneurs with the capital they need to expand their enterprises and strengthen Nigeria’s economy.
He clarified that the program’s goal was to educate MSMEs about the fund’s advantages and application procedure.
Omondiagbe highlighted the importance of the MSME sector in driving innovation, creating jobs, and fostering economic growth.
“This intervention fund ensures these businesses have access to affordable financing and technical support,” he said.
He also identified key development partners supporting the initiative, including 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 the 18 local government areas of Edo under the Renewed Hope Agenda of President Bola Tinubu.
Omondiagbe noted that the N75 billion funds offered a nine per cent annual loan interest rate, simplified application processes, and technical assistance for capacity building among Nigerian entrepreneurs.
“The fund prioritises sectoral diversity, supporting businesses in agriculture, trade, and technology.”
“Job creation remains a cornerstone of this initiative.”
“The fund seeks 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,” Omondiagbe added.
He encouraged participants to actively engage, seek clarification, and leverage the opportunity to access financial tools essential for expanding their businesses.
Omondiagbe also called for collective efforts to create a thriving entrepreneurial ecosystem for a prosperous future in Edo and Nigeria.
Mr. Amen Odigie, the managing director of the Edo State Investment Promotion Office (ESIPO), emphasized the organization’s dedication to collaborating with BOI to establish a business-friendly atmosphere.
He encouraged all qualified MSMEs to take advantage of the opportunity, acknowledging the vital role MSMEs play in the state’s economy.
He went on to say that the fund might change everything by giving businesses the money they need to grow and hire more people. The National Association of Small and Medium Enterprises (NASME) Chairman, Mr. Frank Aguebor, thanked BOI for organizing the sensitization and praised the Federal Government for providing the intervention cash. He emphasized how important it is to teach business owners how to use the state’s available finances.
