The Bayelsa State Government has established a pivotal partnership with the Bank of Industry (BoI) to bolster local exports through a N4 billion loan initiative aimed at bridging the funding gap for regional businesses.
Dr. Jones Ibieri, the Bayelsa State Commissioner for Trade, Industry, and Investment, announced this collaboration on Thursday during a sensitization program organized by the Nigerian Export Promotion Council (NEPC) in Yenagoa.
Dr. Ibieri shared that both the state government and BoI will contribute N2 billion each to the program, which will provide loans at single-digit interest rates for enterprises across the state’s eight local government areas.
He urged local exporters and entrepreneurs to prepare their proposals, emphasizing that this funding aims to support genuine business ventures.
“The governor has approved a scheme to assist local businesses. The Bayelsa State Government and the Bank of Industry are each contributing N2 billion to address funding challenges. The loans will be offered at single-digit interest rates,” Ibieri stated.
Additionally, he announced that BoI plans to open a branch in Bayelsa by the end of the year, enhancing access to financial services for local entrepreneurs.
In her keynote address, NEPC Executive Director/CEO Nonye Ayeni, represented by Deputy Director Julie Onmoke, outlined strategies to strengthen Bayelsa’s export capabilities in line with the NEPC’s “One State, One Product” policy. Ayeni expressed the NEPC’s commitment to increasing the state’s non-oil exports over the next three years through campaigns under the “Double-Your-Export” initiative.
She expressed optimism that the number of formal exporters in Bayelsa, currently at five, will double in the near future.
Ayeni also presented on “Export Procedures and Documentation in Nigeria,” detailing the necessary steps for prospective exporters to have their products certified.
Earlier, NEPC Bayelsa State Coordinator Mrs. Sylvia Adeneye welcomed attendees, highlighting the importance of identifying opportunities, overcoming challenges, and developing solutions to enhance exports from the state.
