Delta Commissioner for Economic Planning, Mr Sonny Ekedayen, says the State government has unveiled a state-backed financing initiative aimed at expanding access to affordable credit for businesses across the state.
The commissioner disclosed this in an interview with journalists in Asaba.
Ekedayen said that the initiative would help to provide affordable loans and support growth for businesses across the state
He said partnership with the Bank of Industry, would also help to provide low-interest loans to entrepreneurs.
According to him, the facility offers credit at nine percent interest, far below prevailing commercial bank rates that hover around 30 per cent.
He said the high cost of borrowing from commercial banks has constrained many small and medium-scale enterprises from expanding operations.
Ekedayen explained that the fund targets manufacturers, agro-processors, distributors and other small-scale business owners seeking working capital or expansion financing.
He emphasised that applications would be handled directly by the Bank of Industry to ensure transparency and shield the process from political interference.
The commissioner urged eligible entrepreneurs to approach the bank, meet credit requirements and take advantage of the opportunity to upscale operations.
He described the initiative as a major intervention to stimulate productivity, enhance competitiveness and strengthen the state’s small business ecosystem.
Beyond financing, Ekedayen disclosed a public-private partnership with Medium Agro Ventures Limited to accelerate large-scale mechanised farming.
He revealed that the state government has cleared approximately 3,500 hectares of land for cultivation of cassava, rice and greenhouse vegetables.
According to him, over 1,700 hectares have already been prepared for planting, with additional hectares earmarked for expansion phases.
He noted that greenhouse facilities would focus on high-demand crops such as tomatoes, cucumbers and bell peppers for urban markets and hospitality supply chains.
Ekedayen said the farming project is already generating employment opportunities for agricultural professionals and skilled workers.
He called on qualified agricultural graduates to register with the Ministry of Agriculture for possible placement within the expanding operations.
The commissioner also highlighted the Delta Mangrove Project, describing it as a long-term revenue diversification strategy.
He explained that the initiative leverages the state’s mangrove forests and coastal ecosystems to participate in the global carbon credit market.
Ekedayen said climate financing linked to carbon sequestration could unlock substantial revenue streams while promoting environmental sustainability.
He added that the project aligns with emerging global climate frameworks and positions Delta to benefit from green economy opportunities.
