BoI, Bayelsa float N2bn MSME matching fund


February 16, 2017 | 8:25 am
  |     |     |   Start Conversation

The Bank of Industry (BoI) and Bayelsa State government have unveiled a N2 billion Micro Small and Medium Enterprise (MSME) matching
development fund to support entrepreneurs in Bayelsa as part of
efforts to encourage value-addition to the nation’s natural resource endowments.

Speaking at the unveling of the fund, Henry Dickson, Bayelsa State governor, said
entrepreneurship agreement such as the one initiated with the BoI was vital for rapid economic growth in the state.
Dickson said the partnership was coming at a time the state government was close to creating a N10 billion entrepreneurship development fund to support businesses and lots of initiatives in the state’s fashion industry.
“‎This is why the government, among other programmes
created a micro finance bank for the first time to address challenges of funding. We believe that at the end, it is the small scale
businesses that will drive industrialisation in Nigeria,” he said.
He commended BoI for its support to entrepreneurs in Nigeria, saying that the war against poverty and
Nigeria’s quest for industrialisation would require collective efforts by all relevant government agencies and the private sector.
‎ He said there would be similar initiatives with other lenders and players in the industry to make up with the N10 billion entrepreneurship fund.

Earlier, Waheed Olagunju, acting BoI boss, said the fund ‎would only be given to people after going through a rigorous capacity building programme organised by development centres of the Pan African University in partnership with the Entrepreneurship Institute in
Bayelsa and entrepreneurship development centres in the state.
Olagunju assured the people of Bayelsa that the fund would be disbursed at a single digit interest rate, stating that the capacity
building programme would ‎help to ‎convert aspiring entrepreneurs’ visions into business models to prepare good business models in order to give
their businesses high chances of success.
“Globally, out of every 10 well appraised projects, about eight have the chance of succeeding. We are also going to help them identify areas where they will like to improve on, the risk involved, how to
mitigate those risks in order to reduce the casualty rate of businesses.
‎ “We are here to assure you that as a federal government
institution, we will collaborate with you and work with all the relevant agencies in the state.
He added that the DFI will support mainly enterprises that would add value to the
nation’s natural endowments in line with the bank’s commodity-based
industrialisation strategy aimed at adding value to the nation’s vast
resources which includes agriculture, solid minerals and oil.
“We will work with the entrepreneurship development centres to identify potentially, viable MSMEs to empower Bayelsans,” he promised.


February 16, 2017 | 8:25 am
12893  |   93   |   0  |   Start Conversation

Big Read |  


Making the case for sustainability

The debate about the role of business in society has been ongoing since the 1960s. Over the years,literature and research...