The Delta Government yesterday said it has unveiled a state-backed financing initiative to expand access to affordable credit for businesses across the state.
The Delta Commissioner for Economic Planning, Mr Sonny Ekedayen, said this in an interview yesterday in Asaba.
He said that the initiative would help to provide affordable loans and support growth for businesses across the state.
He said that partnership with the Bank of Industry would also help to provide low-interest loans to entrepreneurs.
The commissioner said that the facility offers credit at nine percent interest, “far below prevailing commercial bank rates that hover around 30 per cent.”
He said that the high cost of borrowing from commercial banks had constrained many small and medium-scale enterprises from expanding operations.
“The fund targets manufacturers, agro-processors, distributors and other small-scale business owners seeking working capital or expansion financing.
“Applications will be handled directly by the Bank of Industry to ensure transparency and shield the process from political interference,” he said.
Ekedayen urged eligible entrepreneurs to approach the bank, meet credit requirements and take advantage of the opportunity to upscale operations.
He described the initiative as a major intervention to stimulate productivity, enhance competitiveness and strengthen the state’s small business ecosystem.
Beyond financing, Ekedayen said they are engaging in a public-private partnership with Medium Agro Ventures Ltd. to accelerate large-scale mechanised farming.
He said that the state government had cleared approximately 3,500 hectares of land for the cultivation of cassava, rice and greenhouse vegetables.
“Over 1,700 hectares have already been prepared for planting, with additional hectares earmarked for expansion phases.
“Greenhouse facilities will focus on high-demand crops such as tomatoes, cucumbers and bell peppers for urban markets and hospitality supply chains,” he said.
The commissioner added that the farming project was already generating employment opportunities for agricultural professionals and skilled workers.
He called on qualified agricultural graduates to register with the ministry of agriculture for possible placement within the expanding operations.
He also gave insight into the Delta Mangrove Project, describing it as a long-term revenue diversification strategy.
Ekedayen said that the initiative leveraged on the state’s mangrove forests and coastal ecosystems to participate in the global carbon credit market.
“Climate financing linked to carbon sequestration can unlock substantial revenue streams while promoting environmental sustainability.
“The project aligns with emerging global climate frameworks, and positions Delta to benefit from green economy opportunities,” he said.