By Peter Onyekachukwu 
By Peter Onyekachukwu
The Bank of Industry (BoI) and the Delta State Government on Tuesday launched a ₦1 billion financing scheme aimed at expanding access to credit for micro, small and medium enterprises (MSMEs) and stimulating industrial development across the state.
The scheme, formalised through the signing of a Memorandum of Understanding (MoU) in Asaba, is expected to support enterprise growth, job creation and inclusive economic development in key sectors of the Delta economy.
Speaking at the event, the Managing Director and Chief Executive Officer of BoI, Dr Olasupo Olusi, described the initiative as a strategic intervention designed to strengthen business activities and industrial capacity in the state.
Olusi said BoI, Nigeria’s premier development finance institution, partners with state governments to translate development priorities into measurable economic outcomes by providing long-term and structured financing for productive enterprises.
According to him, the ₦1 billion Delta State Managed Fund aligns with the Renewed Hope Agenda of President Bola Ahmed Tinubu by improving access to finance for businesses that create jobs and add value to the economy.
He noted that the collaboration between BoI and Delta State dates back several years, citing earlier interventions such as the ₦1 billion MSME matching fund introduced in 2008 and a healthcare financing fund launched in 2019 to revitalise primary healthcare centres.
The BoI chief said the newly launched financing scheme builds on these efforts and reflects a renewed commitment to entrepreneurship, productivity and inclusive growth in the state.
“The fund will provide affordable and structured financing to MSMEs and industrial enterprises across priority sectors. It will also unlock the creativity and energy of Delta State’s people, particularly youths and small business owners, by connecting them to capital that supports growth and sustainability,” Olusi said.
He disclosed that BoI had disbursed over ₦3.4 billion to enterprises in Delta State in the last one year, with about ₦6 billion in additional approvals currently in progress, indicating a strong pipeline of viable businesses in the state.
Olusi stressed that the success of the scheme would depend on sustained collaboration to improve the business environment, especially in areas such as land access, streamlined regulatory processes and infrastructure to support light manufacturing and industrial clusters.
He expressed optimism that the partnership would translate into stronger enterprises, increased employment opportunities and improved livelihoods for residents of Delta State.