Governor Godwin Obaseki has developed pathways for the advancement of the Edo State economy one of which is his series of interventions in small and medium scale businesses in the state.
The Governor’s approach to Micro, Small and Medium Enterprises (MSMEs) is holistic, judging by his engagements and commitments so far.
The journey began with data gathering which explored the number of MSMEs across the 18 local government areas of the state, their varying sizes, categories of business, challenges, among others.
The data has enabled the state government to identify areas that are in need of attention, and the interventions required to boost MSMEs in the state.
The Obaseki-led government in collaboration with the Bank of Industry (BOI) has contributed over two billion naira in the form of loans to MSMEs domiciled in the state with the promise of raising the bar to N10 billion in no distant time.
The Edo State MSMEs fund was recently flagged off with the presentation of offer letters to the first set of beneficiaries at the Banquet Hall of the Edo State Government House, by the state government in conjunction with the Bank of Industry.
The MSME funds provide loans at 6 per cent interest rate to business owners who need money to upscale their businesses. While individuals in the micro economic sub-sector can access from N150,000 to N500,000, the Small and Medium Scale business owners can access between N1million and N10million.
The forms for the loans are available at the Edo Skills Development Agency (EdoJobs), Government House, Benin City or at the Bank of Industry office at the Edo Production Hub.
Eligible persons can also apply online using the link: https://www.edojobs.careers/edsgsmefunds.
Apart from the loans, the state government has supported some owners of MSMEs who are domiciled in the Edo Production Hub with uninterrupted power supply, training and other infrastructural facilities.
To cater for arbitrations within the business domain, Edo State Government established the small claims courts that are well organised to cater for MSME-related matters in the state.
What more could be said about the vision of Governor Obaseki in revamping the state’s economy as well as his genuine efforts towards the speedy realisation of the dreams and the sustenance of same, considering future realities of both the domestic and global business practices.
Eligible MSME owners would do well to leverage this opportunity and not be swayed by uninformed speculations from critics of the government as there is enough evidence to show that the administration is delivering the gains of democracy it promised.
By Erharuyi A. Joe
