The lawmaker representing Delta Central senatorial district at the National Assembly, Senator Ede Dafinone, has unveiled the various empowerment initiatives of the Bank of Industry to small and medium-scale entrepreneurs in the constituency.
The one-day sensitisation workshop hosted by Dafinone in collaboration with the BoI, at the Petroleum Training Institute Conference Centre in Effurun, on Monday, sought to educate the entrepreneurs on the federal loan facilities, access to BoI intervention funds, and effective financial management, among others.
It also aimed at empowering the small and medium-scale enterprises in the constituency.
“VON Digest” reports that business owners and community leaders drawn from the Delta Central senatorial district, saw the BoI sensitization workshop as an eye-opener, providing them with the knowledge and tools to leverage Federal resources to grow their businesses.
Addressing the gathering, Senator Dafinone underscored his commitment to supporting the constituents, emphasizing that the event was “a response to the urgent need for economic empowerment.”
He enthused, “The workshop was designed not only to connect participants with the Bank of Industry resources but also to help them understand the broader range of federal opportunities available.
“In Abuja, through many different federal agencies, opportunities are available for you. You must be made aware of these opportunities and shown how best you can benefit.”
Dafinone noted further that with financial constraints affecting many small businesses, his goal, as the senator representing the constituency, “is to ensure prosperity for the people of Delta Central/”
Dafinone encouraged the attendees to share the information with their communities, noting that the session was mainly about awareness.
He also urged them to “adapt and find opportunities in the changing economic landscape,” adding, “Beyond yourselves here, you are representing people at home, so carry this information to your neighbours, family and party members. When you access these loans, it does not stop your neighbour from benefiting.”
Calling for collective growth, Dafinone then used the occasion to acknowledge President Bola Ahmed Tinubu’s economic policies, which he described as “necessary, despite their immediate hardships.”
He spoke further, “Our President is making the bold decisions we needed years ago.
“If we had allowed petrol prices to reflect global prices, we wouldn’t face the challenges we see today.
“These measures aim to stop a handful of people from profiting from subsidies, ultimately benefiting all Nigerians in the long term.”
In his speech at the forum, BoI’s Divisional Head for MSMEs in the South-South and South-East, Packqueens Irabor, expressed gratitude to Senator Dafinone for initiating the workshop, which he described as “a pivotal opportunity for entrepreneurs in Delta State.”
He said, “The Bank of Industry is managing a N200 billion federal intervention fund that caters to large enterprises, MSMEs and nano-industries. For nano-industries, N50 billion is available, with each recipient eligible for grants up to N50,000.”
He explained that MSMEs can receive loans up to N1 million, while medium and large enterprises can access funds of up to N1 billion.
Irabor lauded Dafinone’s foresight, describing him as the “first senator to initiate this type of meeting.”
He added, “The Bank of Industry has a mandate to democratize development, and we are focused on individuals who can follow the rules and grow. Businesses that can benefit from our loans span farming, real estate, fashion design, medical centres, vocational training, and even religious institutions.”
Also addressing the gathering, the BoI’s Chief Resource Person Mr. Kenneth Nwakolo, emphasized the importance of financial literacy in business success as he explained the basics of financial management to participants.
He added, “Funding opportunities abound for SMEs, whether for starting a business, expanding, or managing cash flow. But understanding finance and how it affects every business decision is essential,” just as he outlined the importance of responsible borrowing and repayment.
Speaking to journalists outside the event, Senator Dafinone reiterated his dedication to empowering his constituents, noting that “at the national level, there are numerous grants and federal programmes meant to empower people in these challenging times.”
He said, “Many of my constituents are unaware of these opportunities, so today’s workshop was set to bridge that gap. I believe the session successfully increased understanding, and I am hopeful that the BoI will see a spike in applications from our community.”
Senator Dafinone however emphasized that BoI loans are not gifts but financial tools that require diligent management and repayment.
He shared the story of a successful entrepreneur in attendance who had previously taken a loan, repaid it, and is now applying for additional funding to expand her business.
Stressing the importance of maintaining a good credit score, the senator warned, “If you apply for a loan and fail to pay back, your credit rating is damaged, which could disqualify you from future loans.”
Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.
