By Jon Paul
Delta State Governor, Rt. Hon. Sheriff Oborevwori, has projected the expansion of a Bank of Industry (BoI)–managed revolving loan scheme to as much as ₦30 billion, as part of his administration’s drive to empower artisans, traders and other small businesses across the state.
This projection came on Tuesday in Asaba, as the Delta State Government signed a Memorandum of Understanding (MoU) with the Bank of Industry for the management of an initial ₦1 billion revolving fund released by the state to support Micro, Small and Medium Enterprises (MSMEs).
Speaking at the signing ceremony at Government House, Governor Oborevwori described the initiative as a major milestone under the MORE Agenda, aimed at job creation, inclusive growth and sustainable economic development.
“Today marks a remarkable moment in our administration’s unwavering commitment to job creation, inclusive growth and sustainable economic development,” the Governor said, noting that the fund, approved by the State Executive Council in 2025, was designed to tackle the long-standing challenge of limited access to affordable finance for MSMEs.
He noted the critical role of MSMEs as the backbone of a strong economy, accounting for the highest level of employment and serving as key drivers of growth.
“By providing our traders, artisans, agro-processors and small-scale manufacturers access to capital at single-digit interest rates, we are equipping them to expand their businesses, create jobs and contribute meaningfully to the Delta economy,” Oborevwori stated.
The Governor explained that the facility was deliberately structured as a revolving loan scheme to ensure sustainability and broader reach.
“This ₦1 billion is a revolving fund. Loans granted must be recovered so that other eligible entrepreneurs can also benefit. This responsibility is non-negotiable,” he stressed.
Oborevwori said the choice of the Bank of Industry was based on its proven track record as Nigeria’s foremost development finance institution, with robust credit appraisal systems and business support frameworks.
“Our partnership with BOI goes beyond finance. It integrates business development and support services that entrepreneurs need to survive and thrive in today’s competitive economy,” he said, expressing confidence in the bank’s capacity to manage the fund transparently and efficiently.
Reflecting on past empowerment initiatives, the Governor noted that while grants remain useful, overreliance on them could weaken accountability.
“When grants are given without structure, some beneficiaries may not value them. This loan-based model will instil financial discipline and encourage sustainable growth,” he explained, adding that the programme would complement, not replace, existing empowerment schemes.
On timing, Oborevwori disclosed that the rollout was shifted from December to January to maximise impact.
“January is when entrepreneurs are focused on rebuilding and expanding their businesses for the year,” he said.
Looking ahead, the Governor said the initial ₦1 billion fund could be significantly scaled up if properly managed.
“If this fund demonstrates impact, there will be no limit. We can scale it to ₦10 billion, ₦20 billion or even ₦30 billion. This is just the starting point,” he declared.
Earlier, the Managing Director of the Bank of Industry, Dr. Olasupo Olusi, described the MoU as a strategic partnership to expand enterprise activities and unlock sustainable economic growth in Delta State.
He said the revolving fund would strengthen MSMEs by improving access to affordable finance and deepening collaboration between the state government and Nigeria’s premier development finance institution.
According to him, the initiative aligns with BoI’s mandate of translating policy priorities into practical financing solutions across key sectors of the economy.
“As Nigeria’s leading development finance institution, the Bank of Industry remains committed to working with governments and the private sector to create opportunities for businesses to innovate, create value and remain competitive,” Olusi said, while commending the Delta State Government for its commitment to economic empowerment and development.