Oborevwori Launches N1Bn Revolving Loan for MSMEs with BoI

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

Governor Rt. Hon. Sheriff Oborevwori described the initiative as a milestone in his administration’s quest for inclusive growth and sustainable economic development under the MORE Agenda.

“Today marks a remarkable moment in our administration’s unwavering commitment to job creation, inclusive growth, and sustainable economic development,” Oborevwori said, noting that the fund was approved by the State Executive Council in 2025 to address the long-standing challenge of access to affordable finance for MSMEs.

The Governor emphasized that MSMEs are the backbone of a strong economy, generating the highest employment rates and driving economic growth. “By providing our traders, artisans, agro-processors, and small-scale manufacturers with access to capital at single-digit interest rates, we are equipping them with the resources they need to expand their businesses, create jobs, and contribute meaningfully to our economy,” he added.

Oborevwori explained that the revolving fund structure ensures sustainability, allowing recovered loans to benefit other eligible entrepreneurs. “This N1 Billion is a revolving fund.

Loans granted under this arrangement must be recovered so that other eligible entrepreneurs can also benefit. This responsibility is non-negotiable and must be discharged with the utmost diligence and integrity,” he stressed.

The Governor highlighted the Bank of Industry’s proven track record as Nigeria’s foremost development finance institution, noting that the partnership extends beyond finance to include vital business support services. “Our partnership with the Bank of Industry integrates business development and support services that entrepreneurs need to succeed and thrive in today’s competitive economy,” he said.

Governor Sheriff Oborevwori of Delta State (8th right), his Deputy, Sir Monday Onyeme (8th left), Managing Director, Bank of Industry, Dr. Olasupo Olusi (7th right), Commissioner for Trade and Investment, Mr. Samuel Oligida (4th left), Secretary to the Delta State Government, Dr. Kingsley Emu (6th left), Commissioner for Economic Planning, Mr. Sunny Ekedayen (5th right) and other management staff of the Bank of Industry, shortly after the signing of a ₦1billion MSME MoU between the Delta State Government and the Bank of Industry released to the Bank by the State Government in Government House, Asaba, Tuesday.

Oborevwori also reflected on the state’s long history of empowerment programmes, stating that the loan-based model instills financial discipline while complementing, rather than replacing, existing grants.

The Managing Director of the Bank of Industry, Dr. Olasupo Olusi, described the partnership as a strategic move to expand enterprise activities and unlock sustainable economic growth. He noted that the revolving fund would improve access to affordable finance for MSMEs and strengthen collaboration between the state government and the Bank.

“As Nigeria’s leading development finance institution, the Bank of Industry remains committed to working closely with governments and the private sector to create opportunities for businesses to innovate, create value, and remain competitive,” Olusi said.