In a strategic move to support small businesses, the Edo State Government has formed a partnership with the Bank of Industry (BOI) and LAPO Microfinance Bank to enhance access to credit facilities for Micro, Small, and Medium Enterprises (MSMEs).
This announcement was made by Mr. Amen Odigie, Managing Director of the Edo State Investment Promotion Office (ESIPO), during an information session held on Friday in Irrua, Esan Central Local Government Area of the state.
Odigie highlighted that this collaboration is in line with Governor Monday Okpebholo’s commitment to strengthening grassroots economic development. He emphasized that the initiative aims to unlock new growth opportunities for local entrepreneurs throughout the state.
“We’re not passively waiting for interventions to come to us. We are actively seeking them out. His Excellency has charged us with identifying more financing avenues for businesses, and this partnership with BOI and LAPO is a step towards achieving that,” Odigie said.
During the session, Mr. Joseph Edom, State Manager of BOI, provided detailed information on the N75 billion federal MSME intervention fund. He explained that loans ranging from N1 million to N5 million are available at affordable interest rates.
“This fund is designed to foster business growth. We only ask that applicants come prepared with the necessary documents and ensure their businesses are properly registered,” Edom stated.
Ms. Sofia Oke, LAPO Microfinance Bank’s Mega Branch Manager, also discussed the bank’s MSME-focused products, particularly designed to assist small traders often excluded from traditional banking services.
“We are dedicated to supporting market women, artisans, and micro-businesses. With proper records and business discipline, anyone can benefit from our support and grow their business,” Oke noted.
The session also addressed common barriers to accessing credit, such as a lack of collateral, poor documentation, and informality in business operations. Participants were encouraged to register their businesses with the Corporate Affairs Commission (CAC) and maintain a strong credit history to increase their chances of securing loans.
Pastor Eromosele Davies Oigbochie, Secretary to the Esan Central Local Government, who represented the council chairman, expressed the local government’s strong backing for initiatives that empower MSMEs.
