The Bayelsa State Government has teamed up with the Bank of Industry (BoI) to launch a N4 billion loan scheme aimed at supporting businesses and enhancing local exports. The initiative seeks to bridge the funding gap for enterprises across the state’s eight local government areas, providing them with much-needed financial backing.
Dr. Jones Ibieri, the Commissioner for Trade, Industry, and Investment, revealed this during a Nigerian Export Promotion Council (NEPC) Stakeholders’ Sensitisation Program in Yenagoa. He noted that both the Bayelsa State Government and BoI will each contribute N2 billion to the scheme, offering loans at favorable single-digit interest rates to eligible businesses.
“The governor has approved a scheme that will benefit people like you. The Bayelsa State Government and the Bank of Industry will each provide N2 billion to support businesses that are facing funding gaps,” said Ibieri. He encouraged local exporters and business owners to prepare their proposals and take advantage of the available funding to grow their enterprises.
Ibieri also announced that BoI is set to open a branch in Bayelsa by the fourth quarter of the year, improving access to financial services for entrepreneurs in the region.
During the event, NEPC Executive Director/CEO Nonye Ayeni, represented by Deputy Director Julie Onmoke, highlighted strategies to boost the state’s export capacity in line with the “One State, One Product” policy. Ayeni emphasized the importance of increasing Bayelsa’s non-oil exports over the next three years through the NEPC’s “Double-Your-Export” initiative, which focuses on raising awareness among local businesses.
Currently, Bayelsa has five informal exporters, but Ayeni expressed confidence in the potential to double this number by formalizing at least 10 exporters soon. She also provided guidance on export procedures and certification during a presentation titled *Export Procedures and Documentation in Nigeria*.
Mrs. Sylvia Adeneye, the NEPC Bayelsa State Coordinator, welcomed participants and stressed the importance of seizing export opportunities while addressing challenges to unlock Bayelsa’s export potential.
This partnership between the Bayelsa State Government and BoI signals a strong commitment to empowering local businesses and driving economic growth through exports, paving the way for a more vibrant and diversified economy in the region.
