In a strong push to support small businesses and ignite local economies, the Bank of Industry (BOI) has launched a comprehensive sensitisation workshop in Rivers State to guide micro, small, and medium enterprises (MSMEs) on how to access the Federal Government’s ₦75 billion intervention fund. The workshop, held in Port Harcourt on Tuesday, was led by BOI’s Divisional Head for MSMEs in the South-South region, Mr. Pacqueens Irabor, and marked a key step toward economic inclusion.
With hundreds of small business owners in attendance, the event created a platform for entrepreneurs to learn how to benefit from a fund specifically designed to boost operations, expand production capacity, and strengthen sustainability. The Federal Government’s ₦75 billion MSME loan intervention fund aims to reduce the financial pressure faced by smaller businesses while encouraging innovation and employment.
The Port Harcourt Chamber of Commerce, Industry, Mines, and Agriculture (PHCCIMA) partnered with the BOI to organize this initiative, recognizing the urgent need to break the information gap surrounding available funding opportunities. As the cost of doing business continues to rise, MSMEs across Nigeria have struggled to secure capital, often because they lack access to accurate, timely, and practical guidance.
During the event, Mr. Irabor highlighted that many small businesses fail to benefit from government interventions due to poor documentation and limited awareness. He said the BOI workshop was structured to solve those challenges by walking entrepreneurs through the application process step by step. Business owners were urged to pay attention to eligibility criteria and ensure their records met the bank’s lending requirements.
He pointed out that proper registration, tax compliance, and business structure could significantly increase the chances of accessing the loan. These funds are not grants; they are loans with favorable terms designed to energize the MSME sector, which remains Nigeria’s most critical driver of employment and economic output.
The BOI team also took time to explain the breakdown of the fund’s disbursement model, interest rates, and repayment plans. Participants asked questions about timelines, documentation, and how to avoid common mistakes that often disqualify applicants. These interactive sessions enabled many to leave the venue with a clearer understanding of what steps to take next.
The Chamber President also delivered a brief address during the session, praising the BOI for recognizing the unique challenges faced by businesses in the South-South region. He called on local entrepreneurs to seize the opportunity and take advantage of the available resources. He added that Rivers State had the capacity to emerge as a major industrial hub, but local businesses must first become financially empowered.
Feedback from the participants reflected excitement, gratitude, and hope. Many business owners expressed optimism about finally receiving the financial support they need to grow. For some, it was the first time they had ever interacted with representatives from the BOI.
With more workshops scheduled in other states, the BOI is reaffirming its role as a key development finance institution focused on empowering MSMEs. By providing direct access to vital information and funding channels, the bank is helping reshape Nigeria’s economic narrative—one business at a time.
