BoI, Delta sign N1bn deal to boost MSMEs, industrial growth

  The Bank of Industry (BoI) and the Delta State Government on Tuesday signed a N1 billion Delta State Managed Fund agreement aimed at expanding access to finance for micro, small and medium enterprises (MSMEs) and strengthening industrial activities in the state. The Memorandum of Understanding (MoU) was signed in Asaba, with stakeholders describing the […]

The Bank of Industry (BoI) and the Delta State Government on Tuesday signed a N1 billion Delta State Managed Fund agreement aimed at expanding access to finance for micro, small and medium enterprises (MSMEs) and strengthening industrial activities in the state.
The Memorandum of Understanding (MoU) was signed in Asaba, with stakeholders describing the fund as a strategic intervention to stimulate enterprise growth, job creation and inclusive economic development across priority sectors of the Delta economy.
Speaking at the signing ceremony, the Managing Director and Chief Executive Officer of the Bank of Industry, Dr. Olasupo Olusi, said the agreement marked “a practical step in our joint effort to expand enterprise activity and strengthen industrial sectors across Delta State.”
The BoI boss said the partnership with Delta State was not new, recalling previous collaborations including a N1 billion matching fund for MSMEs in 2008 and a healthcare financing fund launched in 2019 to revitalize primary healthcare centres in the state.
According to him, the newly signed Delta State Managed Fund builds on these foundations and signals a renewed commitment to entrepreneurship, productivity and inclusive growth.
“The fund will provide affordable and structured financing to MSMEs and industrial enterprises across priority sectors. It will also unlock the creativity and energy of Delta State’s people, particularly youth and small business owners, by connecting them to capital that supports growth and sustainability,” Olusi said.
He disclosed that BoI had disbursed over N3.4 billion to enterprises in Delta State in the last one year, with nearly N6 billion in additional approvals currently in progress, reflecting what he described as a strong pipeline of viable businesses in the state.
“This reinforces our readiness to deepen engagement through expanded co-investment and partnership arrangements with the Delta State Government,” he added.
Olusi stressed that successful implementation of the fund would require sustained collaboration to improve the enabling environment, particularly in areas such as land access, streamlined regulatory processes and infrastructure to support light manufacturing and industrial clusters.
He said the agreement established a practical framework for deploying capital in support of enterprise growth and measurable economic outcomes in the state.
“On behalf of the Board, Management and staff of the Bank of Industry, I thank the Delta State Government for its confidence and partnership. Together, we will translate this agreement into enterprises built, jobs created and lives improved.” Olusi said.