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By Elizabeth Johnny
The Akwa Ibom State Government in collaboration with the Bank of Industry (BOI), has outlined documentation requirements and procedures for accessing the N4 billion AKSG/BOI Matching Fund designed to support small and medium-scale enterprises (MSMEs) in the State.
The guidelines were disclosed recently during the monthly Business Clinic held at the Akwa Ibom Investment Corporation (AKICORP) boardroom, where entrepreneurs were sensitized on how to successfully access the facility.
The State Manager of BOI, Chief Ejiro-Rume Oputu, who served as the resource person, explained that the fund is aimed at providing financial assistance for the establishment of new businesses as well as the expansion, diversification, modernization, and rehabilitation of existing enterprises.
He stressed that access to the loan is conditional upon meeting specific documentation and eligibility criteria. These include registration with the Corporate Affairs Commission (CAC), provision of two guarantors for marching fund requests above N10 million, evidence of tax compliance, and proof that the business operates within Akwa Ibom State. Applicants are also required to submit valid identification documents, including passport photographs, among other requirements.
Oputu commended Governor Umo Eno for his commitment to economic development and for creating opportunities that enable entrepreneurs in the state to grow their businesses through accessible financing.
Earlier, the Managing Director and Chief Executive Officer of Akwa Ibom Investment Corporation, Mr. Imo-Abasi Jacob, encouraged business owners to take full advantage of the Fund, describing it as a strategic intervention to stimulate enterprise growth and economic expansion in the State.
Represented by the Director of Project, Monitoring and Implementation, Mr. Innocent Okure, the AKICORP boss noted that access to finance remains critical to transforming business ideas into viable ventures. He emphasized that financial stability serves as a catalyst for innovation and scalability, enabling Entrepreneurs to move beyond concepts to sustainable operations.
Okure urged applicants to carefully follow the Bank of Industry’s guidelines to improve their chances of accessing the loan. He added that the application process is transparent and requires proper documentation and accurate data submission through the designated platform.
He further advised entrepreneurs experiencing challenges in the application process to seek assistance from the Deputy Director, Entrepreneurship and Business Development, Mr. Ikpe Jacob, who has been designated to handle BOI-related issues.
Also speaking, the Chairman of the Nigerian Association of Small and Medium Enterprises (NASME), Akwa Ibom State Chapter, Dr. Ime Edoho, commended the State Government for partnering with BOI to support local businesses. He, however, appealed for additional support initiatives, including grants, to further strengthen the MSME sector.
The N4 billion Matching Fund is part of ongoing efforts by the State Government to enhance access to finance, promote entrepreneurship, and drive sustainable economic growth in Akwa Ibom State.
