The Bank of Industry held a sensitisation programme in Benin to educate small business owners about the federal government’s N75 billion micro, small, and medium enterprises (MSMEs) Intervention Fund in Edo.

Speaking at the event on Friday, BOI’s state manager, Christopher Omondiagbe, emphasised that the fund was aimed at empowering entrepreneurs with financial support to grow their businesses and boost Nigeria’s economy.

He explained that the programme was designed to inform MSMEs about the benefits and application process for accessing the fund. Mr 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 Edo’s 18 local councils under the Renewed Hope Agenda of President Bola Tinubu.

Mr 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,” Mr Omondiagbe added.

He encouraged participants to actively engage, seek clarification, and leverage the opportunity to access financial tools essential for expanding their businesses.

Mr Omondiagbe also called for collective efforts to create a thriving entrepreneurial ecosystem for a prosperous future in Edo and Nigeria.

The managing director of the Edo State Investment Promotion Office, Amen Odigie, stressed ESIPO’s commitment to working with BOI to create a conducive business environment.

He recognised MSMEs’ critical role in the state’s economy and urged all eligible MSMEs to seize the opportunity. He added that the fund could be a game-changer by providing the capital needed to expand operations and create jobs.

Frank Aguebor, the National Association of Small and Medium Enterprises (NASME) chairman, commended the federal government for providing the intervention fund and thanked BOI for organising the sensitisation.

He emphasised the necessity of educating business owners on accessing the funds available in the state.

(NAN)