The Edo State Government, in partnership with the Bank of Industry (BoI), has extended a credit facility to local manufacturers seeking loans of up to N20 million to upscale their businesses and contribute to the state’s economic diversification drive.
The facilities, which are to be deployed for production by small-scale manufacturers in the state, stand at five per cent interest with a five-year pay-back period.
The State Manager of BoI, Christopher Ehi Omondiagbe, at the 2022 Pharmacy Week organised in Benin City, the state capital.
“We have an agreement with the state government. We have decided to divide the loan package into two categories. The first category is between N1million and N10million without collateral. The second category is between N10 million and N20 million with collateral,” he said.
Managing Director of the Edo State Investment Promotion Office (ESIPO), Kelvin Uwaibi, said the state government is totally committed to helping local manufacturers expand their businesses through various initiatives and programmes that would boost productivity and drive economic growth.
“We want to see that manufacturing of pharmaceuticals is organised in clusters. Edo wants to be that hub for pharmacy. We want to support pharmaceutical businesses,” Uwaibi said.
