The Bayelsa State Government has forged a strategic partnership with the Bank of Industry to enhance local exports through a N4 billion loan scheme, designed to address the funding shortfall faced by businesses in the region.
Bayelsa State Commissioner for Trade, Industry, and Investment, Dr. Jones Ibieri, made this known on Thursday during a Nigerian Export Promotion Council Stakeholders’ Sensitisation Programme held in Yenagoa.
According to Ibieri, the state government and BoI will each contribute N2 billion to the scheme, which offers loans at single-digit interest rates for businesses across the eight local government areas of Bayelsa State.
He encouraged exporters and other business owners in the state to prepare their proposals, noting that the funding is geared toward supporting genuine ventures.
“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. The loans will be available at single-digit interest rates,” Ibieri stated.
He further revealed that BoI plans to open a branch in the state by the fourth quarter of this year, providing better access to financial services for entrepreneurs in the region.
In her keynote address, the Executive Director/CEO of NEPC, Nonye Ayeni, represented by Deputy Director Julie Onmoke, outlined strategies for boosting Bayelsa’s export capacity in line with the council’s “One State, One Product” policy.
Ayeni highlighted the NEPC’s commitment to increasing the state’s non-oil exports within the next three years through awareness campaigns under the “Double-Your-Export” initiative.
Ayeni expressed optimism that Bayelsa, which currently has only five informal exporters, would increase the number to at least 10 formal exporters in the near future.
She also gave a presentation titled ‘Export Procedures and
Documentation in Nigeria’, detailing the steps necessary for prospective exporters to get their products certified.
Earlier, the NEPC Bayelsa State Coordinator, Mrs. Sylvia Adeneye, welcomed participants and stressed the need to explore opportunities, tackle challenges, and find solutions to boost exports from the state.
