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Delta Govt releases ₦1bn MSME revolving fund, signs MoU with Bank of Industry
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Loans to be accessed at single-digit interest rates under Oborevwori’s MORE Agenda
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Fund designed for sustainability, job creation and business expansion across Delta
The Delta State Government has released a ₦1 billion revolving loan fund for Micro, Small and Medium Enterprises (MSMEs) and signed a Memorandum of Understanding (MoU) with the Bank of Industry (BoI) for its management.
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The MoU was signed on Tuesday at Government House, Asaba, with Governor Sheriff Oborevwori describing the initiative as a major milestone in his administration’s drive for inclusive growth, job creation and sustainable economic development under the MORE Agenda.
Governor Oborevwori said the fund, approved by the State Executive Council in 2025, was created to address the persistent challenge of limited access to affordable finance faced by MSMEs, which he described as the backbone of the economy.
According to him, the programme will provide traders, artisans, agro-processors and small-scale manufacturers with access to capital at single-digit interest rates, enabling them to expand operations, create jobs and contribute meaningfully to the state’s economy.
He stressed that the ₦1 billion facility is strictly a revolving loan, warning that repayments must be made promptly to allow other entrepreneurs benefit from the scheme.
“This responsibility is non-negotiable and must be handled with diligence and integrity,” the governor said.
Oborevwori explained that the Bank of Industry was selected due to its strong track record in development finance, credit appraisal and business support services, adding that the partnership goes beyond funding to include capacity building for beneficiaries.
While reaffirming the relevance of grants, the governor noted that over-reliance on them could weaken accountability, saying the loan-based model would promote financial discipline and sustainable business growth.
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He clarified that the initiative would complement, not replace, existing empowerment programmes and disclosed that the launch was shifted from December to January to maximise impact, as entrepreneurs are more focused on business planning at the start of the year.
Looking ahead, Oborevwori said the fund could be scaled up significantly if properly managed, hinting at possible expansion to ₦10 billion or more.
In his remarks, BoI Managing Director, Dr. Olasupo Olusi, described the partnership as a strategic move to deepen enterprise activities and unlock sustainable economic growth in Delta State.
He said the revolving fund aligns with the Bank’s mandate of translating government policies into practical financing solutions, while strengthening collaboration between the state and Nigeria’s leading development finance institution.
Olusi commended the Delta State Government for its commitment to economic development, noting that the MoU reflects a clear focus on empowering MSMEs and building a resilient private sector.
