Delta State Govt Allocates ₦1 Billion Revolving Loan to Boost MSMEs

Asaba, Delta State – The Delta State Government has signed a Memorandum of Understanding (MoU) with the Bank of Industry (BoI) to manage a ₦1 billion revolving fund aimed at supporting Micro, Small, and Medium Enterprises (MSMEs) in the state.

During the ceremony held at Government House in Asaba on Tuesday, January, 13, 2026 Governor Sheriff Oborevwori hailed the initiative as a significant step towards fostering inclusive growth and sustainable economic development under his MORE Agenda.

“This marks a remarkable moment in our commitment to job creation and economic development,” Oborevwori stated. He noted that the fund, approved by the State Executive Council in 2025, seeks to address the persistent challenges of access to affordable financing for MSMEs, which are crucial for economic growth and employment.

The Governor emphasized that providing MSMEs with access to capital at single-digit interest rates will enable entrepreneurs to expand their businesses and contribute to the economy. He highlighted that the revolving loan structure ensures loans are recovered, allowing other eligible entrepreneurs to benefit from the fund.

Oborevwori chose the Bank of Industry as the fund’s manager due to its established reputation and capability in development finance. He expressed confidence that the partnership would also incorporate vital business support services for entrepreneurs.

Reflecting on past empowerment programs, the Governor warned against excessive reliance on grants, advocating for a loan-based model to instill financial discipline among beneficiaries. He reassured stakeholders that this initiative would complement existing empowerment schemes rather than replace them.

Originally planned for December, the program’s launch was rescheduled to January to align with entrepreneurs’ focus on rebuilding their businesses for the new year. The Governor indicated that if the fund proves effective, it could be expanded significantly in the future.

Dr. Olasupo Olusi, Managing Director of the Bank of Industry, described the partnership as a strategic move towards enhancing enterprise activities in Delta State. He reiterated the bank’s commitment to providing practical financing solutions that address business challenges and foster innovation.

The MoU is seen as a vital component of the Delta State Government’s broader economic empowerment strategy, with expectations for significant impact on the local MSME sector.