Akwa Ibom entrepreneurs win big, benefit from N4bn BoI fund

Business owners in Akwa Ibom State, especially operators of Micro, Small and Medium-scale Enterprises (MSMEs) as the Bank of Industry (BoI) dangles N4 billion soft loan before business owners.

BusinessDay reports that plans have been concluded for Akwa Ibom entrepreneurs to benefit from a single-digit interest rate loan from the Bank of Industries (BoI) meant for the growth of the Micro-Small and Medium- scale Entreprises (MSMEs) in the State.

Ejiro-Rume Oputu, State Manager of BOI, who made this known during a monthly business clinic in Uyo, explained that the fund is meant for the establishment of new businesses as well as expansion, diversification, modernisation, and rehabilitation of existing ones.

Oputu, however, said that access to the loan is conditional upon meeting specific documentation and eligibility criteria including registration with the Corporate Affairs Commission (CAC), provision of two guarantors for marching fund requests above N10m, evidence of tax compliance, and proof that the business operates within Akwa Ibom State.

He said applicants are also required to submit valid identification documents, including passport photographs, among other requirements.

Oputu commended Governor Umo Eno for his commitment to economic development and for creating opportunities for entrepreneurs in the state to grow their businesses through accessible financing.

Earlier, Imo-Abasi Jacob, Managing Director and Chief Executive Officer of Akwa Ibom Investment Corporation, urged business owners to take full advantage of the fund, describing it as a strategic intervention to stimulate enterprise growth and economic expansion in the state.

Oputu, who was represented by Innocent Okure, Director of Project Monitoring and Implementation, noted that access to finance remains critical to transforming business ideas into viable ventures.

He emphasised that financial stability serves as a catalyst for innovation and scalability, and enabling entrepreneurs to move beyond concepts to sustainable operations.

Okure urged applicants to carefully follow the Bank of Industry’s guidelines to improve their chances of accessing the loan.

He added that the application process is transparent and required proper documentation and accurate data submission through the designated platform.

Okure advised entrepreneurs experiencing challenges in the application process to seek assistance from Ikpe Jacob, Deputy Director, Entrepreneurship and Business Development, who has been designated to handle BOI-related issues.

Also speaking, Ime Edoho, Chairman of Nigerian Association of Small and Medium Enterprises (NASME), Akwa Ibom State Chapter, commended the state government for partnering with BOI to support local businesses.

Edoho, however, appealed for additional support initiatives, including grants to further strengthen the MSME sector.

The N4 billion matching fund is part of ongoing efforts by the state government to enhance access to finance, promote entrepreneurship, and drive sustainable economic growth in Akwa Ibom State.