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Edo State Government has entered into a partnership with LAPO Microfinance Bank to empower and support small businesses in the 18 local councils of the State.
The Secretary to the Edo State Government, Osarodion Ogie, signed the agreement on behalf of the state government, on Monday, at the Government House, Benin City, the Edo State capital.
Join our WhatsApp ChannelWhile noting the future impact of the new deal, Ogie said micro finance schemes, all over the world, are the engine room of the economy.
While congratulating the board of Edojobs and LAPO Microfinance Bank for striking the deal, Ogie also urged all beneficiaries to make use of the loan facilities that will be given, noting that “it’s not a grant and should be put into good use.”
He explained that “Microfinance schemes all over the world are the engine room of the economy. These small companies you see around, the number of people they employ is a lot and the government doesn’t take note of them. Governor Godwin Obaseki does take note because he is an investment banker. The governor is doing a lot for Edo people.”
Earlier, the Chairman of the Advisory Board MSME Fund, Peter Obaseki, who commended the government for its sustained support for small businesses in the State, noted: “This is the mandate of Governor Godwin Obaseki for economic empowerment of small businesses. The difference is on the concessionary interest rate at 9 per cent to enable residents of the State to benefit.
“This is part of the social transfer scheme to empower residents in Edo State and it must not be an urban phenomenon. It must get to each of the 18 local government areas of the State. Enumeration and disbursement must go to each of the 18 local government areas.”
“This scheme is not a grant but a loan. It is a concessionary loan and the test of the scheme is the ability to revolve not to be stuck. We will ensure that enumeration, disbursement and refund is completely monitored, ensuring that the funds come back to enable others benefits,” he further stated.
Speaking on behalf of LAPO, the Executive Director, Corporate Services, Gloria Bassey, hailed the state government’s commitment to youth development, reassuring sustained partnership with the government.
