By Oghenefejiro Emado
14, January 2026
The Delta State Government has taken a significant step towards promoting economic growth and development in the state by signing a Memorandum of Understanding (MoU) with the Bank of Industry (BoI) for the management of a ₦1 billion revolving fund.
The Governor, Rt. Hon. Sheriff Oborevwori
said during the signing ceremony at Government House, Asaba that the initiative is a major milestone in his administration’s quest for inclusive growth and sustainable economic development under the MORE Agenda of his administration.
He explained that this fund is designed to provide Micro, Small, and Medium Enterprises (MSMEs) in the state with access to affordable finance, thereby empowering them to expand their businesses, create jobs, and contribute to the state’s economic growth.
Governor Oberevwori said the fund will be managed by the Bank of Industry and will provide MSMEs with access to affordable finance at single-digit interest rates.
The Governor explained that the loan will be structured as a revolving fund, meaning that loans granted under this arrangement must be recovered and reused to benefit other eligible entrepreneurs.
He further explained that the Delta State Government has partnered with the Bank of Industry due to its proven track record as Nigeria’s foremost development finance institution, with strong credit appraisal systems and business support frameworks.
Governor Oborevwori who emphasized that the initiative is part of his administration’s quest for inclusive growth and sustainable economic development under the MORE Agenda noted that MSMEs are the backbone of any strong economy, accounting for the highest employment rate and serving as key drivers of economic growth.
The Governor says the loan-based model will instill financial discipline and help entrepreneurs appreciate the value of money, invest wisely, and grow sustainably.
Some of the benefits of the Initiative enumerated by the Governor are accessibility to capital by MSMEs at single-digit interest rates, reducing the burden of high borrowing costs that often stifle entrepreneurial growth.
Secondly. the partnership with BoI will integrate vital business development and support services that entrepreneurs need to succeed and thrive in today’s competitive economy.
The initiative is also expected to create jobs and contribute to the state’s economic growth.
Governor Oborevwori has expressed confidence that the partnership with BoI will help build a stronger, more resilient private sector capable of driving long-term prosperity for Delta State and its people.
He also hinted at the possibility of scaling up the fund to ₦10 billion, ₦20 billion, or even ₦30 billion if the initiative demonstrates impact.
Overall, the partnership between the Delta State Government and the Bank of Industry is a strategic step towards promoting economic growth and development in the state.
The initiative has the potential to create jobs, stimulate economic activity, and improve the livelihoods of MSME owners and their employees.
It is a welcome development if funds is available, assessable, with minimal interest rates for DELTANS AND for a reasonable period of time.
There should be transparency in giving out loans for genuine applicants for which purpose the funds is meant to achieve. Conditions for obtaining the loan should be liberal to interested entrepreneur.
With this Government gesture, poverty will reduce.