In order To stimulate economic growth, enhance job creation, and reduce poverty in Rivers State, Governor Siminalayi Fubara has promised to partner the Bank of Industry in providing a N4bn enterprise fund to facilitate the development of micro, small, and medium enterprises (MSMEs) in the State.
Fubara, who spoke in a state-wide broadcast to mark his 100 days in office on Wednesday September 6, 2023, morning, said with the initiative, both owners of MSMEs and intending entrepreneurs would easily access needed credit to fund or start their enterprises at single-digit interest rates with a maximum of a five-year repayment period.
He stated that besides the provision of the earmarked fund, his administration would establish a State Investment Promotion Agency to advance local and foreign investments that would engender the industrialisation of the State.
“With this Fund, owners and intending MSME entrepreneurs will have ready access to credit to fund or start their enterprises at single-digit interest rates with a maximum of a five-year repayment period.”
Fubara further explained that he was making efforts to establish a Youth Entrepreneurship Development Trust Fund to help create an enterprise culture and stimulate sustainable interest in entrepreneurial activities among youths to promote job creation and self-employment.
