FG Promises Single Digit Interest Rate for Investors in N’Delta

Ndubuisi Francis in Abuja

The federal government has promised to guarantee single digit interest rate for investors in the Niger Delta, in order to fast-track the economic diversification and industrialisation of the region.

The government expressed willingness to guarantee investors ready to invest in the region single digit interest loans from financial institutions.

The Minister of Niger Delta Affairs, Pastor Usani Uguru Usani made the promise during the visit of the Presidential Initiative for Economic Diversification and Industrialisation of the Niger Delta Region to Calabar, Cross River State.

Usani said: “The federal government has decided to facilitate availability of credit to investors through the Bank of Industry, Bank of Agriculture Development, Nigeria Export and Import Bank and other financial institutions at a single digit rate.”

A statement by the Assistant Director (Press) in the Ministry of Niger Delta Affairs, Mr. Stephen Kilebi said Usaani disclosed that the ultimate goal of the Presidential Initiative is job creation in the region.

The minister disclosed that the ministry was co-ordinating the programme for successful implementation.

He explained that the programme runs in a manner whereby every investor has his/her confidence enlisted in what is being done, adding that that was why every state government is the agency of government driving the investment programme.

According to the minister the expecta$on is that each state in the Niger Delta Region will choose private investors who will carry out investment in their areas of competence, comparative and competitive advantages in their domain.

Speaking at the event, the Governor of Cross River State, Prof. Ben Ayade said the state government was ready to key into the Presidential Initiative for Economic Diversification and Industrialisatioon of the Niger Delta Region.

Ayade assured that the necessary support and coopera$on would be provided for the success of the programme in Cross River State.

He said: “As a state governor with business background I will be 100 per cent ready to encourage investors coming to Cross River State. I am particularly thankful to Mr. President on this initiative on agriculture and industrialisation. This will go a long way in creating job opportunies for the youths and curb the rate of criminality in the state.’’

Some of the industries visited by the Presidential Initiative team and investors were the Cross River State Industrial Park, Cross River Garment Factory, Cross River Rice City, Obassi Poultry Farm, Cross River State Plastic Factory, Sancarlos Banana Plantation, National Integrated Power Plant, Real Plantation Limited, Tinapa International Resort, and Cross River State Power Plant.