The Ekiti State Ministry of Trade, Industry, Investment and Cooperatives in collaboration with the Bank of Industry (BOI) has held a sensitization programme on the Federal Government’s ₦75 Billion MSME Intervention Fund and the Rural Area Programme on Investment for Development (RAPID).

The event, which took place at Delight Hotel in Ado-Ekiti, aimed at enlightening entrepreneurs on accessing financial support from the Bank of Industry (BOI) to grow their businesses.

Speaking at the event, the Ekiti State Commissioner for Trade, Industry, Investment and Cooperatives, Mrs. Omotayo Adeola, emphasized the importance of information in economic empowerment, noting that while funds were available, many business owners failed to access them due to poor packaging and lack of proper documentation.

Mrs. Adeola stated that the sensitization programme was part of the State Government’s broader efforts to support small businesses, drive economic development and improve livelihoods across the State.

The State Commissioner stressed the importance of loan repayment, pointing out that many entrepreneurs fail to repay their loans, making it difficult for others to benefit from similar initiatives.

She revealed that the Ministry had established a help desk to guide applicants through the loan process in partnership with the Bank of Industry (BOI).

The State Manager, Bank of Industry, Ekiti State Office, Mr. Dare Ashaolu, outlined the bank’s role in driving industrialization by providing financial and advisory services to businesses.

Mr. Ashaolu stated that BOI had disbursed over ₦3 billion to more than 90 MSMEs in Ekiti State, supporting sectors such as agro-processing, creative industries, recycling, healthcare, hospitality, solid minerals and renewable energy.

The State Manager emphasized that the FGN ₦75 billion MSME fund was primarily for manufacturers, noting that while many applications had been received, proper documentation remained a key challenge.

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On RAPID programme, he explained that it was design to boost economic activities in rural areas by offering financial assistance at a single-digit interest rate.

Mr. Ashaolu encouraged small business owners, particularly those in underserved communities, to take advantage of this initiative to expand their operations.

The Project Officer, Bank of Industry (BOI), Ekiti State Office, Mr. Dickson Ola noted that the intervention fund was a deliberate effort to reduce the cost of production, create jobs and improve Nigeria’s GDP.

Mr. Ola stated that while the funds were available for all registered businesses, applicants must meet certain criteria, including registration with the Corporate Affairs Commission (CAC), possession of a valid Bank Verification Number (BVN) and submission of necessary documents.

Speaking on the loan repayment structure, the Project Officer revealed that 40% of the RAPID fund is structured as a grant, meaning that after repaying 60% of the loan, the remaining balance is written off.

The Chairman of the Association of Local Governments of Nigeria (ALGON) in Ekiti State, Hon. Olusegun Ojo, commended the state government for its commitment to industrial growth.

Hon. Ojo noted that collaborations between government and financial institutions were crucial for building a thriving business environment.

He urged participants to take full advantage of the loan opportunities and pledged to work with local governments to ensure rural entrepreneurs are included.

Present at the event were the Chairman, House committee on Trade, Industry, Investment and Cooperatives, Hon. Tope Longe, Member, House Committee on Trade, Industry, Investment and Cooperatives, Hon. Babatunde Fawekun, National Vice President of NACCIMA, Chief kola Akosile, the State Chairman of NASME, Mr. Tosin Olotu, the State Chairman of NASSI, Mr. Afolabi Akosile and other top government officials.