Rivers to raise N15bn loanable fund to entrepreneurs

Rivers State Government is to raise N15bn through the establishment of Equity Fund to provide loans for entrepreneurs in the State.

Gov. Rotimi Amaechi disclosed this at the Rivers Entrepreneurs and Investment Forum in Port Harcourt on Thursday.

Amaechi, represented by the State Commissioner for commerce and Industry, Mr Chima Chinye, said the State Government would contribute N5bn to the fund every year for three years.

He said the money would be given out as loans to the entrepreneurs in the state to enable them to invest in their businesses.

According to him, almost all state government businesses/enterprises had collapsed, stressing that government had no business in running businesses.

He said it was the responsibility of government to fix the necessary infrastructure, create business-friendly environment and tax policies.

Amaechi said, “Government has no business running business. That is why it sold Presidential Hotel and looking for who will buy Delta Hotel in Port Harcourt.

“The government is expected to put the infrastructure on ground for the private sector.”

He explained that there was value change in the state and said the people should tap into the change.

Chairman of Trade Union Congress of Nigeria, Rivers chapter, Mr Chika Onuegbu, said the states’ revenue allocation from Federation Account had dropped in recent times.

Onuegbu blamed the development on oil theft confronting the nation and said the Federal Government’s Internally Generated Revenue had also declined because of this development.