The government of Bayelsa State has established a partnership with the Bank of Industry to support local exports through a N4 billion loan program. This initiative aims to address the financial needs of businesses in the region. The Commissioner for Trade, Industry, and Investment, Dr. Jones Ibieri, announced this collaboration during a Nigerian Export Promotion Council Stakeholders’ Sensitisation Program in Yenagoa.
The scheme involves a contribution of N2 billion each from the state government and the Bank of Industry. Loans will be offered at low-interest rates to businesses in all eight local government areas of Bayelsa State. Ibieri urged exporters and business owners to prepare proposals, emphasizing that the funding is intended to assist legitimate ventures.
He mentioned that the Governor approved the initiative to support businesses facing financial challenges. Additionally, BoI plans to establish a branch in the state by the end of the year to improve financial service accessibility for local entrepreneurs.
During the event, the Executive Director/CEO of NEPC, represented by Deputy Director Julie Onmoke, discussed strategies to enhance Bayelsa’s export capacity in alignment with the council’s “One State, One Product” policy. The NEPC aims to increase non-oil exports from the state over the next three years through initiatives like the “Double-Your-Export” campaign.
NEPC’s goal is to raise the number of formal exporters in Bayelsa, which currently stands at five informal exporters, to at least 10 in the near future. They also provided insights on export procedures and documentation in Nigeria, outlining the certification process for aspiring exporters.
The NEPC Bayelsa State Coordinator, Mrs. Sylvia Adeneye, welcomed participants and emphasized the importance of exploring opportunities, addressing challenges, and finding solutions to boost exports from the state.