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Bayelsa State Investment Forum: SA Highlights Prospects

The feedback from participants, the information taken away about Bayelsa State, as well as the number of agreements sealed with investors would be the yardsticks … Continue reading Bayelsa State Investment Forum: SA Highlights Prospects


Bayelsa AkikaThe feedback from participants, the information taken away about Bayelsa State, as well as the number of agreements sealed with investors would be the yardsticks to measure the success of the 1st Bayelsa Investment and Economic Forum.

These were the words of the Special Adviser to the Bayelsa State Government on Investment, Cyril Akika, who spoke as a guest on Channels Television’s award-winning breakfast programme, Sunrise Daily.

He noted that the event would be used to bring in big time companies and to also set up Small Medium Enterprise (SME) funds for the SME program.

Mr Cyril explained that since the financial institutions in the country see Bayelsa not as a credit location, but more as a deposit location where they expect to get savings, current account, fixed deposit, public sector money and not give credit, “the essence of signing the SME fund is to raise 25million Naira which will only be available for SME development due to the difficulty in raising capital in Bayelsa.”

He also said that the fund is to attract and direct capital to Bayelsa people which the government has made easy by enabling better access to C of Os and setting up of Enterprise Development Centers in conjunction with the Pan Atlantic University in Lagos were all beneficiaries would pass through to get basic skills.

On the provision of collateral, he stated that farmers or business owners could present family farm lands in order to get funding from the organisation.

Explaining the interest rate which was put at 9%, he said that the figure would be distributed as 5% for cost of funds and the remaining 4% to be returned to the particular banks that participated in the scheme as they are expected to enjoy some benefits for the work they do.

On employment opportunities, the SA noted that about 10,000 opportunities would be created for indigenes and some of them would be taken to Italy to get better training between 3 years.

Mr Akika also hinted on the establishment of a new university in the state, which would be able to compete with other top universities of the world, as well as the development of already existing universities in the state.

He also said that a Memorandum of Understanding would be signed on gas terminal and a mini energy plant in order to provide better services in the state.