The Delta Government has assured that the N1 billion soft loan approved for Micro, Small, and Medium Enterprises (MSMEs) in the state will be available soon.
Mr. Olisa Ifeajika, the Executive Assistant to Governor Sheriff Oborevwori on Public Enlightenment (Projects and Policies), shared this update while addressing the media on Monday in Asaba. He explained that the delay in the launch of the scheme was due to the completion of necessary documentation, including the signing of a Memorandum of Understanding (MoU) between the state government and the Bank of Industry (BoI), which will manage the fund.
Ifeajika emphasized that the decision to partner with BoI was intentional, given the bank’s expertise and experience in handling similar funds. He added that the loan would be available to both existing MSMEs and new entrants in the state. The loan scheme, which offers a single-digit interest rate, is open to all residents operating businesses in Delta.
He further clarified that the goal of the loan program is to foster the growth of MSMEs and the state’s economy, without any political bias. To qualify, applicants must be business operators residing in Delta, provide the necessary documentation, and apply through BoI.
“The fund is ready, but people cannot access it yet,” Ifeajika said. “It will be accessible in a few weeks once all documentation is finalized through the MoU with BoI.”
He also addressed rumors suggesting that Governor Oborevwori might be leaving the Peoples Democratic Party (PDP) for the All Progressives Congress (APC). Ifeajika dismissed these rumors as baseless, stating that the governor has a good relationship with President Bola Tinubu but remains committed to the PDP. “Oborevwori is a staunch member of the PDP and will continue to support the party at the national level,” he affirmed.