The Bayelsa State Government has established a strategic partnership with the Bank of Industry (BoI) to enhance local exports through a N4 billion loan scheme. This initiative is designed to address the funding shortfall faced by businesses in the region.
Dr. Jones Ibieri, the Bayelsa State Commissioner for Trade, Industry, and Investment, announced the partnership during a Nigerian Export Promotion Council (NEPC) Stakeholders’ Sensitisation Programme held in Yenagoa on Thursday. He stated that both the state government and BoI will contribute N2 billion each to the scheme, which will offer loans at single-digit interest rates to businesses across the eight local government areas of Bayelsa State.
Ibieri encouraged exporters and business owners in the state to prepare their proposals, emphasizing that the funding aims to support 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 facing funding gaps. The loans will be available at single-digit interest rates,” he noted.
Additionally, Ibieri revealed that BoI plans to open a branch in the state by the fourth quarter of this year, which will improve access to financial services for local entrepreneurs.
In her keynote address, Nonye Ayeni, the Executive Director/CEO of NEPC, represented by Deputy Director Julie Onmoke, outlined strategies for enhancing Bayelsa’s export capacity in line with the council’s “One State, One Product” policy. Ayeni expressed the NEPC’s commitment to increasing the state’s non-oil exports over the next three years through awareness campaigns under the “Double-Your-Export” initiative.
She also shared her optimism that Bayelsa, currently home to only five informal exporters, could soon see this number grow to at least 10 formal exporters.
Ayeni presented on “Export Procedures and Documentation in Nigeria,” detailing the necessary steps for prospective exporters to certify their products.
Earlier, Mrs. Sylvia Adeneye, the NEPC Bayelsa State Coordinator, welcomed participants and emphasized the importance of exploring opportunities, addressing challenges, and finding solutions to boost exports from the state.