The Edo State Government and the Bank of Industry (BOI) have unveiled a Micro Small and Medium Enterprise (MSME) development fund worth N2bn to support entrepreneurs in the state.
The fund was launched during a citizens’ engagement session organized by the Edo State Skills Development Agency, also known as EdoJobs, held at the Government House, in Benin City.
Speaking at the event, Governor Godwin Obaseki said, “The Bank of Industry (BOI), which is a reliable partner, is here today to launch the MSME fund. The initial amount is N2 billion. Edo State Government provided N1 billion, while BOI provided the other N1 billion, making it N2 billion, with an attractive interest rate.”
“In addition, we have a N165 million fund, as part of the first tranche from the Edo State Government. It will be made available to small businesses, which are currently domiciled in our production hub, to support and encourage them to grow their businesses.
“BOI has the capacity and resources to support this kind of programme. From this N2 billion fund, we estimate that we can impact as many as 50,000 businesses in Edo State. We have other facilities with other institutions like the Central Bank of Nigeria (CBN). This is a start-up fund, as we expect it to continue to grow: If you start with N50,000, now and when you do well tomorrow in your business, you will need N200,000.
Borrowing is part of business, provided you continue to grow,” the governor stated.
The Governor assured that despite the COVID-19 pandemic, his administration remains committed to improving the livelihoods of the people and creating opportunities for the youths to thrive.