Delta govt clarifies delay of N1bn MSME loan

The Delta State Government has assured that the approved N1 billion loan for Micro, Small and Medium Enterprises (MSMEs) in the state will be ready soon.

The Executive Assistant to Governor Sheriff Oborevwori on Public Enlightenment (Projects and Policies), Olisa Ifeajika, made this known while clarifying certain issues to newsmen in Asaba, the Delta State capital, on Monday, March 31, 2025.

Ifeajika recalled that the Delta State Commissioner for Economic Planning, Sonny Ekedayen, on February 14, announced the state government’s approval to set aside N1 billion soft loan at a single-digit interest to grow MSMEs in the state.

Ifeajika said the perceived delay to the plan’s takeoff was due to proper documentation by way of signing the Memorandum of Understanding between the state government and the Bank of Industry (BoI), the funds’ manager.

The governor’s aide said the choice of the BoI as fund manager was deliberate due to its expertise and years of experience in handling such funds.

Ifeajika added that the loan would accommodate both existing and new entrants into the MSMEs scheme in the state.

According to him, the loan scheme covers all residents operating their businesses in the state and is at a single-digit interest rate.

Remi Tinubu cautions Delta Nursing College over queried students

He stressed that the state government’s intention was to build and grow the MSMEs and the state’s economy, adding that there are no political colorations to ensure an operator accesses the loan.

Ifeajika noted that the qualification to access the loan was to be a resident business operator, provide proper documentation and apply through the BoI.

Ifeajika said: “The qualification is just do your business in Delta and present your qualification to the BoI for assessment.

“The fund is ready, but the people cannot access it now. It will be ready in a few weeks after the proper documentations are done by way of signing a memorandum of understanding between the state government and the bank.

“The economy of any nation revolves around the MSMEs. This informs the state government’s decision to earmark the N1 billion loan for MSMEs to grow the state economy.”

The Star