In a move aimed at bolstering the growth of small businesses across the state, the Edo State Government has forged a strategic partnership with the Bank of Industry (BOI) and LAPO Microfinance Bank to significantly expand access to crucial credit facilities for Micro, Small, and Medium Enterprises (MSMEs).
The announcement was made by Mr. Amen Odigie, Managing Director of the Edo State Investment Promotion Office (ESIPO), during a key information session held in Irrua, Esan Central Local Government, on Friday. The initiative directly supports Governor Monday Okpebholo’s vision of renewed focus on grassroots economic development, promising to unlock growth potential for local entrepreneurs throughout Edo State.
Beyond the BOI and LAPO collaboration, Odigie highlighted other funding opportunities, including the newly established N75 billion Federal Government MSME intervention fund. “We are not just waiting for interventions to come to us. We’re actively going out to seek them,” Odigie stated. “His Excellency has mandated us to find more financing channels for businesses, and this collaboration with BOI and LAPO is one way we’re delivering on that.”
Mr. Joseph Edom, the State Manager of BOI, provided participants with a detailed overview of the N75 billion loan program. He explained that the program offers loan ranges from N1 million to N5 million, featuring favorable interest rates designed to encourage business growth. “This fund is here to support business growth,” Edom emphasized. “All we ask is that applicants come prepared, with their documents and business properly registered.”
Representing LAPO Microfinance Bank, Ms. Sofia Oke, the Mega Branch Manager, elaborated on the bank’s tailored MSME products. She stressed LAPO’s commitment to supporting small traders often overlooked by traditional banking institutions. “We are here for the market women, the artisans, and the micro businesses. With the right records and discipline, anyone can grow their business with our support.” Oke explained.
The information session also addressed prevalent barriers to credit access, including insufficient collateral, inadequate documentation, and the informal nature of many small businesses. Participants received guidance on the importance of registering with the Corporate Affairs Commission (CAC) and maintaining a positive credit history to enhance their loan eligibility.
In a message of support, Pastor Eromosele Davies Oigbochie, Secretary to the Esan Central Local Government, representing the council chairman, reaffirmed the local government’s strong commitment to MSME-focused initiatives. “This is how we build a resilient local economy by empowering our small businesses,” Oigbochie concluded. The partnership signals a concerted effort to foster economic growth from the ground up, providing vital resources and support to Edo State’s vibrant MSME sector.