PORT HARCOURT CHAMBERS OF COMMERCE, INDUSTRY, TRADES, MINES AND AGRICULTURE IN COLLABORATION WITH THE BANK OF INDUSTRY MSME SENSITIZATION PROGRAM, RIVERS STATE…..By Blessing Bliss Chukwuma

The Bank of Industry, in collaboration with the Port Harcourt Chambers of Commerce, Industry, Trades, Mines, and Agriculture, conducted a sensitization workshop for micro, small, and medium enterprises in Rivers State on Tuesday, July 22, 2025, at the PHCCIMA Secretariat, Conference Hall, Ground Floor, Block B, Waterlines Building, 168 Aba Road, Water, Waterlines Bustop, Port Harcourt. The workshop aimed to inform and sensitize the organized private sector and Port Harcourt business community about BOI intervention programs and how they can benefit from its activities, stimulating economic growth and development in the state.

In her welcome address, DR. Chinyere Nwoga, FIMC, FIARSAC, FICA, M.IOD, the first female president of PHCCIMA, reiterated that the only mandate of PHCCIMA was to hunt, expose sources of cheap funding and grow businesses. This mandate aligns with the program’s objective to boost economic growth and development in Rivers State by supporting businesses, enhancing economic growth, and facilitating partnerships between the public and private sectors.

The Bank of Industry expressed its commitment to working with PHCCIMA to revitalize ailing industries and expand existing businesses in Rivers State. To achieve this, the Bank of Industry has designed various intervention programs, which were discussed in detail during the workshop.

Mr. Irabor Pacqueens, The Divisional Head MSME South-South and South-East, Bank of Industry Limited, provided insights into the programs during the workshop. He explained that the workshop was designed to educate Micro, Small, and Medium Enterprises (MSME) on the application process for the federal government loan intervention fund, including the terms and conditions, interest rates, and repayment plan. To watch the event, click here https://www.facebook.com/share/v/1Axpxq8zuJ/?mibextid=wwXIfr

Furthermore, the workshop covered the N3.7 billion Rural Area Programme on Investment for Development, a separate initiative created by BOI specifically for Small and Medium Enterprises (SMEs). Mr Irabor clarified that the N75 billion federal government intervention fund was a nationwide programme targeting businesses across all sectors and geographical locations. “This has the interest rate of nine per cent with a three-month moratorium on principal and interest repayment,” he said.

Mr Irabor also stated that Rivers SMEs in rural areas were yet to access the RAPID fund, reiterating that the state had been allocated N120 million from the N3.7 billion made available by the BOI.

He stated that up to N10 million was available for each MSME in rural areas, with an interest rate of five per cent, and a three-month moratorium on principal and interest repayment.

Mr Irabor said that the loan has a three-year repayment tenure with an option for a three-month extension on principal repayment.
“This has a grant component of 40 percent, which is N4 million on a N10 million loan, upon successful repayment and demonstration of capacity,” he said.

Mr Irabor stated that the documentation has minimal requirements, with no application or appraisal fees, but the MSMEs would need to provide their valid identity cards, bank verification numbers, corporate affairs documents of their registered companies, bank account statements, guarantors, and other relevant documents.

He urged MSME business operators to take advantage of these funds for economic growth and development.

The attendees in return had quick Access Guidance to finance and BOl support to facilitate business and economic success.

The program’s details were well-received by the attendees, who included Chief Emeka Ezekwe (the chairman professional and consultancy trade group of PHCCIMA), Mrs. Tariboba Malcolm Memberr (CEO/Director-Now Travel and Tours and founder of the TariWen Foundation), High Chief Dr. Mrs Patricia Wudhiga Ogbonnaya JP (Ada Ekpeye Logbo Il of Ekpeye Ethnic Nationality), Chairman of Education and Research Dr. Mrs. Edith Chukwuogo, Elder Vincent Okuku (Chairman of the Manufacturers Association of Nigeria (MAN) Rivers and Bayelsa State Chapter), and the Chairman of Membership Chief Ernest Elochukwu and other business men and women.

The event brought together traders, farmers, and business owners to discuss opportunities, challenges, and strategies for growth, showcasing PHCCIMA’s commitment to business development. PHCCIMA past President Engr Emeka Unachukwu did the vote of thanks.