Economic Boost: Rivers State Unveils $3.3 Million Loan Scheme

Economic Boost: Rivers State Unveils $3.3 Million Loan Scheme

By Staff Writer, 06 May 2024

Aiming to bolster business activities and fostering economic growth, Governor Sir Siminalayi Fubara of Rivers State has officially inaugurated a N4 billion ($3.3 million) matching fund loan scheme.

The initiative, launched at the Dr Obi Wali International Conference Centre in Port Harcourt on Friday, marks the beginning of disbursing funds to nano, small, and medium-scale enterprises in the state in collaboration with the Bank of Industry (BoI) Limited.

Governor Fubara underscored the persistent challenge of financial exclusion due to limited access to credit, which hampers individuals' ability to achieve economic prosperity.

However, with the partnership between the Rivers State Government and BoI, a significant step has been taken to address this issue and pave the way for entrepreneurial success.

Addressing attendees, Governor Fubara highlighted the importance of the scheme in empowering entrepreneurs and facilitating economic prosperity.

He announced the distribution of cheques to 3,066 micro, small, and medium-scale enterprises, along with 100 companies across all 23 local government areas of the state, including businesses owned by non-indigenes, totaling over N3.6 billion.

Expressing satisfaction with the launch and anticipating positive outcomes, Governor Fubara emphasized the potential benefits for both the Bank of Industry and the people of Rivers State.

The initiative signals a commitment to fostering a conducive environment for business growth and wealth creation in the state.

Source: Anayo Onukwugha / Leadership

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