By Brenda Chidinma Imo-Eze
Ebonyi State has been ranked the 3rd most funded state in Nigeria by the Bank of Industry (BoI), with Small and Medium scale Enterprises (SMEs) in the state benefiting from ₦2 billion funds.
This significant achievement was highlighted during a national award ceremony organized by the Bank of Industry recently in Lagos.
The substantial funding secured by Ebonyi SMEs is largely due to the efforts of Dr. Simon Idenyi, a Business Development Service Provider (BDSP) with the Bank of Industry.
Dr. Idenyi has been instrumental in crafting business plans that is enabling various industries in Ebonyi to access Bank of Industry loans, supporting key sectors such as rice milling, pure water production, drug manufacturing, and animal feed production, among others.
Speaking about his role, Dr. Idenyi explained, “I help the Bank of Industry develop business plans for loan customers, a part-time assignment I do privately to assist the people of Ebonyi. The BoI provides loans to businesses ranging from ₦10 million and above, supporting small, medium, and large-scale enterprises.”
“When I develop these business plans, most of them are successful, and the customers receive funding. Between January 2023 and June 2023, I was ranked first in the country among BDSPs assisting the Bank of Industry in Ebonyi State. From June 2023 to December 2023, I secured 3rd position nationwide, making Ebonyi State the 3rd most funded state by the BoI for the entire year.”
Dr. Idenyi disclosed that the Bank of Industry disbursed ₦23 billion in 2023 to the 36 states of the federation, out of which Ebonyi State received ₦2 billion, largely due to his business planning efforts. “Most of the businesses in Ebonyi are being funded by the Bank of Industry,” he added.
He also attributed the success of the BoI’s loan disbursement in Ebonyi State to the proactive measures taken by the state government, led by Governor Francis Ogbonna Nwifuru.
According to him, Governor Nwifuru’s administration has streamlined the process for issuing Certificates of Occupancy (CofO), a critical requirement for securing loans above ₦10 million.
“The moment the new governor came in, the tempo changed. Previously, CofO were not being signed for those who owned land and properties, and the Bank of Industry would not approve loans above ₦10 million without CofO approval. Now that the present governor is signing these certificates, it has become easier for Ebonyi people to secure loans ranging from ₦20 million to more than ₦500 million,” he stated.
Dr. Idenyi further disclosed that two significant projects in Ohazara Local Government Area—one valued at ₦500 million and the other at ₦350 million—were funded by the Bank of Industry.
“This funding contributed to Ebonyi State’s 3rd place ranking in the 2023 disbursement summary. I am pleased with the Ministry of Lands and Survey for their efforts in signing these Certificates of Occupancy for Ebonyi people; it was not like that before,” he said.