KEY POINTS
- Senator Dafinone partners with BoI to support Delta entrepreneurs.
- Workshop introduces MSMEs to federal loan resources and financial literacy.
- Emphasis on responsible borrowing and community-wide access to funds.
During the financial management and federal loan availability, Delta Central Senator Ede Dafinone collaborates with the Bank of Industry (BoI) to assist business owners in his constituency.
The event which was hosted at the Petroleum Training Institute Conference Center in Effurun informed the community’s elders and businessmen about various financial solutions delivered by the BoI, including various intervention funds designed to fund SMEs.
The contents of the one-day program included overview of federal lending facilities, financial education, and elaborated efforts that can be used to maximize development to enhance the knowledge of financial services offered by BoI to the entrepreneurs.
Senator Dafinone emphasized the need for economic empowerment in Delta Central, stating, “This initiative is a direct response to the demand for accessible resources for business growth. We want participants to not only access BoI funds but to see the full spectrum of federal resources.”
Loan access for Delta entrepreneurs
Highlighting the significance of BoI’s intervention fund, the bank’s Divisional Head for MSMEs, Packqueens Irabor, expressed gratitude to Senator Dafinone for his pioneering initiative.
BoI, he explained, manages a N200 billion federal intervention fund targeting large enterprises, SMEs, and nano-businesses. With N50 billion allocated to nano-businesses, each recipient is eligible for up to N50,000, while SMEs can access loans up to N1 million and larger enterprises up to N1 billion.
Irabor described Dafinone as the “first senator to initiate this type of workshop,” praising the effort to democratize access to development funds. He added that BoI’s mandate includes reaching businesses across various sectors such as farming, real estate, fashion, medical centers, vocational training, and religious institutions.
BoI’s Chief Resource Person, Kenneth Nwakolo, emphasized the importance of financial literacy, providing an overview of effective financial management.
Nwakolo explained, “Funding opportunities abound, whether for startups, expansions, or cash flow management, but financial knowledge is crucial for success.”
According to Punch, he outlined the responsibilities that come with borrowing, stressing the need for entrepreneurs to make informed financial decisions and uphold responsible repayment practices.
Long-term growth and responsible borrowing
Participants were encouraged by Dafinone to share the knowledge they acquired from the workshop with others in their communities. By saying, “You are ambassadors of this knowledge,” he emphasized the significance of raising awareness. Make sure your family, coworkers, and neighbors are aware that BoI loans are accessible to everyone and that no one’s access is impacted by another’s.
Using the example of an entrepreneur who had successfully paid back a prior loan from the Bank of India and was looking for further money to grow, he also discussed the significance of borrowing responsibly.
“Having good credit is essential,” Dafinone said. “Not repaying loans lowers your credit score, which affects your ability to get loans in the future.”
Subsequently the senator applauded the polices of President Bola Ahmed Tinubu with respect to the economics of Nigeria, describing the policies as helpful for the long run even if they are short run burdens.
He said that if they let the price of petrol in Nigeria be determined by the global market, they would have been spared the current crisis and as a result help every Nigerian.
