The Bank of Industry (BOI) has reaffirmed its commitment to empowering rural businesses in Nigeria by making funds accessible and affordable. BOI promotes MSMEs through a ₦200 million rural development loan dedicated to Micro, Small, and Medium Enterprises in Rivers and Bayelsa States. Despite the fund’s availability, many potential beneficiaries have yet to tap into it.
At a stakeholders’ session in Port Harcourt, BOI’s Executive Director, Toyin Adeniji, urged local entrepreneurs to take full advantage of the fund. She explained that the loan supports farmers, traders, and small-scale manufacturers in underserved rural communities. The fund offers a low interest rate and targets businesses in agriculture, food processing, fashion, and other small-scale sectors.
Adeniji emphasized that BOI supports MSMEs not only with capital but also through training and business advisory services. She said the bank collaborates with development partners and state governments to help rural businesses grow sustainably. According to her, affordable finance is critical, and BOI stands ready to disburse more funds as local uptake increases.
The Rural Area Program for Investment and Development (RAPID) provides the platform for this initiative. It focuses on helping local entrepreneurs improve productivity and profitability. Many targeted businesses operate in hard-to-reach areas, and BOI works hard to remove barriers that limit their access to formal credit.
Local entrepreneurs at the forum received advice to simplify their documentation and adhere closely to loan guidelines. BOI has deployed mobile outreach teams to visit rural communities directly, create awareness, and offer advisory services. These teams explain loan terms and assist applicants through the process.
Samson Ogbole, BOI’s South-South Regional Manager, said RAPID loans range from ₦500,000 to ₦10 million, with a fixed interest rate of 5% and flexible repayment terms. Qualifying businesses also receive training, mentorship, and market linkage support.
Some stakeholders expressed surprise that many eligible entrepreneurs have not utilized the fund despite its benefits. Others called for increased public sensitization and involvement of community leaders to spread the word. BOI welcomed these suggestions and pledged to partner with local groups to reach more beneficiaries.
This initiative highlights how BOI promotes MSMEs by focusing on grassroots efforts. The bank believes rural businesses will play a vital role in Nigeria’s economic future. With better access to funds, these businesses can create jobs and stimulate steady growth in rural economies.
As the fund remains open, BOI calls on business owners in Rivers and Bayelsa to seize this opportunity. The bank is ready to disburse funds, provide training, and support entrepreneurs every step of the way. By backing local businesses, BOI drives inclusive growth and contributes to poverty reduction.
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