The Edo State Government has forged a strategic alliance with LAPO Microfinance Bank to bolster small enterprises across its 18 local government areas. The pact, inked by Secretary Osarodion Ogie Esq. at the Government House in Benin City, heralds a new era of economic empowerment.
Ogie, envisioning the pact’s transformative potential, remarked that microfinance initiatives are pivotal to global economic growth.
He stated, “I congratulate the board, Edojobs, and LAPO Microfinance Bank. I also urge all beneficiaries to utilize the loan facilities that will be provided, as they are not grants and should be used wisely.
“The engine room of the global economy is microfinance schemes. The government pays little attention to the numerous small businesses that you see around. They employ a large number of people. Given his background as an investment banker, Governor Godwin Obaseki does take notice. For the people of Edo, the governor is doing a lot.”
He urged beneficiaries to judiciously utilize the loans, emphasizing their role in fueling the economy and acknowledging the often-overlooked significance of small businesses in job creation.
Peter Obaseki, Chairman of the Advisory Board MSME Fund, lauded the state’s unwavering support for small-scale industries, highlighting the governor’s directive for economic upliftment through favorable loan terms. The initiative aims to transcend urban limits, reaching every corner of the state.
“This is a component of Edo State’s social transfer program to empower citizens, so it cannot just be an urban phenomenon. The 18 local government areas in the state must receive it. Each of the 18 local government area must be included in the enumeration and distribution.” he declared.
The scheme, characterized as a revolving loan rather than a grant, is designed to perpetuate financial support. Meticulous monitoring of fund allocation and repayment will ensure its sustainability, allowing for continued community enrichment.
Gloria Bassey, representing LAPO, commended the government’s dedication to nurturing the youth and reaffirmed the bank’s commitment to this collaborative endeavor.
