Lawmaker representing for Delta Central senatorial district in Nigeria’s National Assembly, Senator Ede Dafinone, recently highlighted the Bank of Industry’s diverse empowerment programs aimed at supporting small and medium-sized businesses within his constituency.
The senator hosted a one-day workshop at the Petroleum Training Institute Conference Centre in Effurun, Delta State, in collaboration with the BoI.
The event was crafted to enlighten entrepreneurs about federal loan opportunities, ways to access BoI intervention funds, and practical skills for effective financial management, providing critical insights on how to bolster the growth of their businesses.
The PUNCH reported that the workshop attracted a broad audience, including business owners and community leaders from Delta Central, who saw it as a groundbreaking opportunity.
Many participants expressed that the session was an “eye-opener,” equipping them with valuable tools and insights to harness federal resources for sustainable business growth.
In his remarks, Senator Dafinone emphasized his dedication to his constituents’ economic prosperity, stating, “The workshop was designed not only to connect participants with the Bank of Industry resources but also to help them understand the broader range of federal opportunities available.”
Dafinone highlighted that, beyond the BoI, numerous federal agencies in Abuja offer valuable programs, which people in Delta Central could benefit from if they knew how to access them. “You must be made aware of these opportunities and shown how best you can benefit,” he urged.
The senator underlined that with limited financial resources impacting many small businesses, his priority as their representative is to foster prosperity in Delta Central.
He encouraged attendees to spread the workshop’s insights within their communities, underscoring that the session was as much about increasing awareness as it was about economic empowerment.
“Beyond yourselves here, you are representing people at home, so carry this information to your neighbours, family, and party members,” he advised.
Dafinone added that securing BoI loans does not restrict others from doing the same, stressing a collective approach to development.
Dafinone used the platform to recognize President Bola Ahmed Tinubu’s economic policies, which, though challenging in the short term, he viewed as essential for Nigeria’s future stability.
“Our President is making the bold decisions we needed years ago,” he remarked, adding, “If we had allowed petrol prices to reflect global prices, we wouldn’t face the challenges we see today. These measures aim to stop a handful of people from profiting from subsidies, ultimately benefiting all Nigerians in the long term.”
The BoI’s Divisional Head for MSMEs in the South-South and South-East, Packqueens Irabor, commended Senator Dafinone for hosting the workshop.
He described the initiative as “a pivotal opportunity for entrepreneurs in Delta State.” Irabor detailed the bank’s offerings, explaining that the BoI administers a N200 billion federal intervention fund available to businesses of various scales.
Notably, nano-industries have access to a N50 billion segment, with individual grants up to N50,000, while MSMEs can secure loans up to N1 million, and larger enterprises can apply for funding as high as N1 billion.
Irabor praised Dafinone as the “first senator to initiate this type of meeting,” and reiterated the BoI’s mission of promoting inclusive development, focusing on business sectors that range from agriculture, real estate, fashion, healthcare, vocational training, to even religious institutions.
Also speaking, the BoI’s Chief Resource Person, Mr. Kenneth Nwakolo, addressed the importance of financial literacy.
He emphasized how crucial it is for entrepreneurs to understand financial management principles, saying, “Funding opportunities abound for SMEs, whether for starting a business, expanding, or managing cash flow. But understanding finance and how it affects every business decision is essential.”
Nwakolo also discussed the importance of responsible borrowing and repayment practices to sustain business growth.
After the workshop, Senator Dafinone reiterated his commitment to promoting awareness of national grants and federal programs available to assist his constituents during tough economic times.
He stated, “Many of my constituents are unaware of these opportunities, so today’s workshop was set to bridge that gap. I believe the session successfully increased understanding, and I am hopeful that the BoI will see a spike in applications from our community.”
Dafinone was clear, however, that BoI loans require careful handling and repayment. He shared a success story about a participant who had previously borrowed from the BoI, successfully repaid the loan, and is now applying for additional funding to expand her business.
The senator reminded attendees of the importance of maintaining a good credit record, saying, “If you apply for a loan and fail to pay back, your credit rating is damaged, which could disqualify you from future loans.”
This workshop reflects Senator Dafinone’s ongoing commitment to the economic empowerment of Delta Central, equipping business owners with knowledge and resources to navigate and leverage federal support for sustained growth.
