Rivers State Governor has collaborated with the Bank of Industry (BOI) to unveil a 4 billion naira ($3 million) loan scheme, aiming to empower small businesses across the state. The initiative, launched in Port Harcourt, targets over three thousand nano, micro, small, and medium-scale enterprises, promising to inject vitality into the state's entrepreneurial landscape. The collaboration between BOI and the Rivers State Government signifies a significant step towards fostering economic growth, generating employment opportunities, and increasing tax revenue.
The partnership between Rivers State and BOI marks a strategic effort to support wealth creation and entrepreneurship, challenging misconceptions about financial support in resource-rich regions. BOI's deployment of finance in collaboration with strategic partners, like the Rivers State Government, aims to nurture a thriving business ecosystem and curb social vices. With an interest rate not exceeding 10 percent and a single obligor limit of $36,178, the loan scheme offers a vital lifeline to small business owners, encouraging responsible financial management and leveraging resources for sustainable growth.