The Owerri Chamber of Commerce, Industry, Mines and Agriculture (OCCIMA) yesterday  lauded President  Bola Tinubu for approving the release of the N75 billion intervention fund for Nigerian entrepreneurs.

It described the gesture as a practical demonstration of the President’s commitment to empowering Micro, Small and Medium Enterprises (MSMEs) , deepening economic inclusion, and driving an export oriented economy.

Addressing newsmen in a press conference, the OCCIMA President, Chief Tony Amadi  urged the federal government to direct the Bank of Industry (BOI) to immediately establish a functional office in Imo State to ensure inclusivity in national development.

The OCCIMA boss who lamented the absence of BOI office in Owerri explained that the presence of such a branch would   enable the organised private sector in the  State access to the timely and transformative MSME Fund intervention which is disbursed by the BOI.

“Already, OCCIMA members are being mobilized to apply for this BOI facility and position themselves to expand their operations, create jobs, and contribute to the country’s economic growth. However, we are constrained by a critical challenge: The absence of a BOI office in Imo State”, he said

The OCCIMA president  who spoke in  company of the Chamber’s Vice President, SME, Hon Gerald Nkwekeegbu, added that though few entrepreneurs had benefited from the Fund, a lot more entrepreneurs  will have access to the Fund once a BOI office is opened in Owerri.

 “Already many MSMEs are constrained due to the absence of a BOI office in the State as most businesses  are already grappling with high costs of doing business, but the establishment of a BOI office will lessen  the burden and reduce the cost of doing business because of the single digit interest rates and long tenor of the loan facility,” he said.

Amadi, while responding to questions from newsmen confirmed that there is already a BOI Manager for Imo State and that the Imo state government has also provided a temporary office for the bank, but expressed dismay that the bank is yet to open it for business activities.

“It is therefore with a deep sense of urgency and responsibility that OCCIMA urges the  federal government to direct the BOI  to establish a functional office in Imo State to enable Imo-based entrepreneurs to easily access the BOI loan and other critical services. This gesture would demonstrate the Tinubu-led administration’s commitment to ensuring equity in the implementation of national development policies,” he added.

The OCCIMA boss noted  that despite the absence of a physical office in Imo State, the Chamber appreciates the wonderful work done by the Managing Director and Management of BOI in the State. He , however, stressed that it cannot be over-emphasised that the presence of a BOI office in the State would complement these efforts and accelerate industrial growth.

Declaring  that financial empowerment must be inclusive and regionally balanced and that Imo state must not be left behind in the ongoing economic revival across the nation, Amadi affirmed that: “Imo state is ready, organised and prepared to productively utilise this intervention fund for job creation, industrial expansion, and national economic growth.”

“OCCIMA remains committed to facilitating this process and ensuring that our members uphold the highest