News

Fubara Empowers 3,066 MSMES With N4bn Soft Loan

Published

2 years ago

May 9, 2024

Rivers State Governor, Sir Siminalayi Fubara, has formally launched the N4billion matching fund loan scheme that will stimulate business activities in the State while also creating wealth.
The launching, which took place at the Dr Obi Wali International Conference Centre in Port Harcourt last Friday, signaled the commencement of the disbursement of Rivers State Government/Bank of Industry (BOI) Limited N4billion marching fund loan scheme for nano, small and medium-scale businesses in the State.
Governor Fubara said the lack of access to credit had continued to aggravate financial exclusion and choked the prospects for individuals to realise their economic aspirations for a better life.
But with the scheme, which is a partnership between Rivers State Government and BOI, now launched, Governor Fubara emphasised that a surest path has been secured to achieve entrepreneurial success while serving as an enabler of economic prosperity in the State.
“Today, we are all here to witness the formal launch and distribution of cheques to 3,066 micro, small, and medium-scale enterprises and 100 companies in the State from all 23 local government areas, including businesses owned by non-indigenes valued at over N3.6billion only.
“We are satisfied with today’s outing and professionalism, believing even more strongly that the potential outcome will be greater to both BOI and the Government and good people of Rivers State.”
Governor Fubara explained that as a campaign blueprint, he promised, during his electioneering campaigns, to support entrepreneurial development and the growth of businesses through access to credit in the form of soft loans.
The Governor said, upon assumption of office, he noticed more closely how most businesses, especially those of small scale, struggled and either died or gasped in accessing credit that were only offered by banks at neck-breaking interest without success.
Governor Fubara pointed out that: “As a State, we cannot talk about economic growth without stimulating business activities to create wealth and jobs through policies and programmes that will engender greater public access to credit and financial inclusion.
“MSMEs are well-known as critical drivers of inclusive economic growth and development. By empowering our people to cultivate available economic opportunities, access to credit is a powerful tool for achieving financial security.
“We can only keep imaging the economic value that the over 3,000 MSMEs would add to the positive economic dynamics of Rivers State and the local government areas in terms of gross domestic product, increased tax returns, employment creation, income distribution and production of good and services.”
Governor Fubara made it clear that even if the loan appeared very liberal, it is not given as charity, and insisted that beneficiaries must pay back so that others can access it to fund their businesses.
The Governor, therefore, instructed the management of the Rivers State Microfinance Agency (RIMA) to monitor the progress of the beneficiaries in their businesses and ensure a 100 percent recovery of the loans to guarantee the sustainability of the programme.
Governor Fubara noted the gains of the symbiotic economic partnership between the State Government and BOI, and the transformed commitment to further strengthen and cultivate it for the benefit of the people of Rivers State.
In his address, the Managing Director/Chief Executive Officer of Bank of Industry (BOI) Limited, Dr Olasupo Olusi, represented by the Executive Director of Corporate Services and Commerical, Mr Usen Effiong, said they were particularly interested in ensuring that the collaboration is realised in steering socio-economic growth, creating jobs, checkmating social vices and growing the IGR of Rivers State.
“BOI remains committed and a strong pillar of development financing in Nigeria for over 60 years. Our remarkable record and total assets exceed N4trillion, which makes BOI the largest and most successful development finance institution in the nation.
“It will interest us to know that our total investment in Rivers State as at today stands at N55.65billion, which accounts for 55 percent of the total investment in the entire South-South. So, Rivers State alone is taking the chunk of our investment.
“We, as the Bank of Industry Limited, play a major role in supporting Nigerian enterprises by providing financial services, advisory services, and watch businesses grow from Nano to Micro to Small, Medium and getting to large enterprises.
“Our mandate is to create development impact which is in line with the economic blueprint of His Excellency, the Governor of Rivers State, and this cuts across various sectors ranging from agriculture, oil and gas, power and aviation, hospitality. This, we believe will crystalize industrialization and economic sustainability in Rivers State.”
Delivering his welcome address, the Managing Director and Chief Executive Officer of Rivers State Microfinance Agency (RIMA), Pastor Jonathan Tobin, said it was exciting that they were given the opportunity to contribute to achieving the dream project of Governor Fubara christened, “Touching Lives, Creating Wealth.”
Pastor Tobin stated that the timing of the launching of the scheme is auspicious because it was coming when the operating capital of most businesses have been eroded.
He explained that there are grave inflation rate and fluctuation of the foreign exchange regime, which have posed unbearable challenges to most micro businesses.
Pastor Tobin said the interest rate for loan collected under the scheme is single digit, which is 7.5 percent per annum, and reckons as the lowest in the country.
“Today, Your Excellency, we have four categories of borrowers. Those who are borrowing from N1,000 to N1,000.000. Those who are borrowing from above N1,000.000 to N50,000,000 are treated by our partners, Bank of Industry.
“If you are borrowing from N100,000 to N450,000, all you need to provide is just your passport photograph, the passport photograph of your guarantor, your NIN, and local government identification.
“For those who are borrowing from N500,000 to N1,000,000, all they need to provide is two passport photographs, their NIN, their means of identification, BVN, a guarantor with a cheque leaf. These categories of borrowers are treated in RIMA,” he added.
Pastor Tobin said further: “Those who are borrowing from above N1,000,000 to N10,000,000 will be treated in Bank of Industry. All they need is just a proof of registration of their businesses, two guarantors, a valid identification card, and a simple business plan.
”For those who are borrowing N10,000,000 to N50,000,000, all they need is a Corporate Affairs Commission Registration, two years’ audited financial record, a Certificate of Occupancy, BVN, tax clearance of the company and or the directors.
”Your Excellency, as at today, we have brought on board 3,066 beneficiaries, and they all are requesting for N1.632billion. Interestingly, women borrowers account for 58 percent while the men borrowers account for 42 percent.”
He urged Rivers people interested in forging a good and sustainable business path to approach the agency for support yo enable them contribute to the economic revival and growth of the State.
Highlight of the event was the official launch of the loan scheme and presentation of cheques to some successful beneficiaries from across the 23 LGAs and some small business owners by the State Governor, Sir Siminalayi Fubara.

News

Don Lauds RSG, NECA On Job Fair

Published

21 hours ago

January 26, 2026

The Tide

The National Coordinator of Embedded Ai -EU Erasmus Project in Nigeria, Prof. Bourdillon Omijeh, has commended the Nigeria Employers’ Consultative Association (NECA) and the Rivers State Government for their strategic partnership in organizing the Job Fair 2026.

The Job Fair with theme: “Addressing Youth Employability for Prosperity,” took place at Obi International Conference Center, Port Harcourt, last week.

Speaking as Special Guest, Professor Omijeh stated that result-oriented human capital development and trainings focused on relevant skills is the most effective solution to reducing the high rate of graduate unemployment in Rivers State.

He noted that Nigeria is firmly in the era of the Fourth Industrial Revolution (4IR), driven by technologies such as Artificial Intelligence, Robotics, Machine Learning, Big Data Analytics, Internet of Things, Virtual and Augmented Reality, and 5G.

According to him, these emerging technologies offer enormous employment and entrepreneurial opportunities across critical sectors, including agriculture, power, Telecommunication, oil and gas, healthcare, and security.

He emphasized the growing shift from job seeking to job creation, explaining that youths equipped with 4IR skills can become innovators, solution providers, and founders of startups and new industries.

Professor Omijeh further stated that Nigeria is richly endowed with talented youths capable of competing globally when properly empowered with the right skills, support, and enabling environment.

He called for sustained collaboration between government, the private sector, and educational institutions to build a future-ready workforce and drive inclusive economic growth in Rivers State.

To the over 4000 teeming youths present, Professor Omijeh said, according to Bill Gate, that “Being born poor is not a fault, but remaining poor in a world of opportunity and skills is a responsibility that must be consciously addressed.

“Don’t allow your current circumstances define your destiny. There’s a seed of greatness in you. Sieze any and every opportunity to develop yourself and acquire the requisite skills.

He passionately urged the Rivers State Government to intentionally invest and fund result-oriented training programmes through the strategic Ministry of Employment Generation and Economic Empowerment and Ministry of Youth Development to increase employability and reduce the rate of graduate unemployment in Rivers State.

He thanked the Governor of Rivers State, Sir Siminalayi Fubara, and the Honorable Commissioner for Employment Generation and Economic Empowerment, Dr. Chisom K. Gbali, for this laudable initiative with NECA.

Professor Bourdillon Omijeh is the National Coordinator of the Embedded Artificial Intelligence (EAI) -EU Erasmus Project in Nigeria; Immediate Past Director of Centre for Information and Telecommunication Engineering Uniport, NCC-Chair Occupant on ICT Uniport; TensorFlow four (4) times award winner on Capacity building on Ai & ML -(2021-2024), CEO-Bourdillon Omijeh Foundation.

As a Professional Mentor, he has facilitated the training of thousands of youths on 4IR- Skills with relevant certifications and evidential engagements.
Follow Prof Bourdillon Omijeh on LinkedIn.

News

Explore Opportunities, Become Employers, Fubara Urges Rivers Youths

Published

4 days ago

January 23, 2026

The Tide

Rivers State Governor, Siminalayi Fubara, has urged youths in the state to take advantage of the vast opportunities available to become employers of labour and contribute meaningfully to growth and development.

Fubara said global trends increasingly favour entrepreneurship and innovation, stressing that youths in Rivers State must not be left behind in harnessing such opportunities.

Represented by the Secretary to the State Government, Dr Benibo Anabraba, the governor stated this while declaring open the 2026 Job Fair organised by the Rivers State Government in partnership with the Nigeria Employers’ Consultative Association in Port Harcourt, yesterday.

Speaking on the theme, “Addressing Youth Employability for Prosperity,” the governor acknowledged the responsibility of government to create jobs for its teeming youth population but noted that it was unrealistic to absorb all job seekers into the civil service.

“As a government, we recognise our duty to provide employment opportunities for our teeming youths. However, we also understand that not all youths can be accommodated within the civil service.

“This underscores the need to encourage entrepreneurship across diverse sectors and to partner with other stakeholders, including the youths themselves, so they can transition from being job seekers to employers of labour,” he said.

Fubara further urged participants to continually sharpen their skills and explore opportunities within their immediate environment and the global space through digital platforms.

He reaffirmed his administration’s commitment to sustaining peace and providing an enabling environment for youths to develop their potential and thrive.

In a goodwill message, the Commissioner for Employment Generation and Economic Empowerment, Dr Chisom Gbali, said the job fair was designed to equip youths with contemporary skills, innovation and mentorship needed to transform them from unemployable to resourceful individuals.

Gbali disclosed that the ministry had rolled out various training and capacity-building programmes in areas such as ICT and artificial intelligence, oil and gas, maritime, and the blue economy.

Delivering the keynote address, the Head of the Department of Human Resources Management, Rivers State University, Dr Chris Biriowu, advised participants to remain informed about evolving sources of employability.

He said the labour market was dynamic and shaped by industry-specific demands, technological advancement, management practices and other emerging factors.

News

King Jaja Impacted Beyond Rivers -Deputy Gov

Published

4 days ago

January 23, 2026

The Tide

Rivers State Deputy Governor, Professor Ngozi Odu, has poured accolades on late Amayanabo of Opobo, HRM Dandeson Douglas Jaja V, saying his footprints went beyond the State.

Speaking during a condolence visit to the wife of the late king, Prof. Odu said the late monarch contributed meaningfully beyond the shores of Rivers State.

“He contributed not only to Opobo, not only to Rivers State, but to Nigeria as a nation. We all know the various positions he held until his passing. For us as a Commission, we are really going to miss him greatly, especially at this time when his guidance was most needed,” she stressed.

She described the late king as a distinguished traditional ruler whose life and service contributed immensely to the development of Rivers State and Nigeria at large.

The deputy governor, who also serves as Chairman of the Rivers State Boundary Commission, noted that until his demise, King Jaja was an Ex-Officio member of the Commission, representing Rivers South East Senatorial District.

According to her, the late monarch actively participated in several meetings of the Commission and played an important advisory role.

“He actually participated with us in a couple of meetings. It was with great shock that we received the news of his passing. We saw daddy as someone who was very strong, healthy and athletic,” Prof. Odu said.

Prof. Odu explained that the Commission relied heavily on the wisdom of traditional rulers like the late monarch to ensure that its responsibilities were carried out properly and conscientiously.

She assured the family of the Commission’s continued support, saying they will remain close to the family throughout the burial arrangements and beyond.

Addressing the widow, Queen Prudence Dandeson Douglas Jaja, Prof. Odu said the visit was to commiserate with her and encourage her during the period of mourning.

“Please accept our condolences. Please be strong and put your hope in God. The God who watches over widows will never abandon you,” the deputy governor prayed.

“We cannot question God. What has happened has happened. All we can do is to pull ourselves together. That is why we are here to pray that the Holy Spirit will strengthen you, that God will turn your sadness into joy and clothe you with a garment of beauty,” she added.

Responding, Queen Jaja described her late husband as a gentle, humble man who was deeply committed to the progress of Rivers State, and Nigeria at large.

She expressed gratitude to the deputy governor and other members of the Boundary Commission for identifying with the family in their moment of grief.

“We are praying that his soul will rest in perfect peace. I thank you very much for coming to console me at this trying moment. Seeing you here has given me comfort. God bless each and every one of you,” she said.

She also offered prayers for the delegation, wishing them a long life and good health.

Highlight of the visit was the presentation Letter of Condolence from the Rivers State Boundary Commission to Queen Jaja.

Kevin Nengia