The Delta State Government has provided clarification regarding the status of its previously announced N1 billion soft loan program for Micro, Small and Medium Enterprises (MSMEs), assuring stakeholders that the funds will be accessible soon.
Mr. Olisa Ifeajika, Executive Assistant to Governor Sheriff Oborevwori on Public Enlightenment (Projects and Policies), addressed concerns about delays during a press briefing in Asaba on Monday. He explained that the apparent delay in implementing the program stems from the ongoing process of finalizing documentation, specifically the signing of a Memorandum of Understanding (MoU) between the state government and the Bank of Industry (BoI), which has been designated as the fund manager.
“The fund is ready, but the people cannot access it now. It will be ready in a few weeks after the proper documentations are done by way of signing a memorandum of understanding between the state government and the bank,” Ifeajika stated.
The loan program, which was initially announced on February 14 by the Commissioner for Economic Planning, Mr. Sonny Ekedayen, is designed to offer financing at single-digit interest rates to support business growth across the state. According to Ifeajika, the selection of BoI as the fund manager was a deliberate choice based on the institution’s expertise and extensive experience in managing similar initiatives.
The governor’s aide emphasized that the loan scheme is open to all residents operating businesses in Delta State, including both existing enterprises and new entrants to the MSME sector. He stressed that access to the loan is not influenced by political affiliations and that the primary qualification is simply being a resident business operator who can provide proper documentation through the BoI application process.
“The qualification is just do your business in Delta and present your qualification to the BoI for assessment,” Ifeajika explained, adding that “The economy of any nation revolves around the MSMEs. This informs the state government’s decision to earmark the N1 billion loan for MSMEs to grow the state economy.”
During the same briefing, Ifeajika dismissed rumors suggesting that Governor Oborevwori might be planning to defect from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC), describing such claims as “mere speculation and wishful thinking.”
While acknowledging that the governor maintains a cordial working relationship with President Bola Tinubu focused on governance matters, Ifeajika insisted that this relationship is professional rather than political.
“Oborevwori is the pathfinder of the PDP, and a general does not leave his troop. Delta is PDP, and all its members have the DNA of PDP. Oborevwori is for PDP and whatever he has, will be utilized to support PDP at the national level,” the governor’s aide concluded.
