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Edo, Bank of Industry, others brainstorm on access to finance for MSMEs

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The Edo State Government and other stakeholders in the investment sector, including officials of the Bank of Industry (BoI) are finetuning modalities to ease access to finance for Small and Medium Enterprises (SMEs) in Edo State to boost productivity.

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During a presentation on ‘Sector Opportunities and Ease of Doing Business in Edo State,’ Senior Special Assistant to the Edo State Governor on Investment Promotion, Mr Kelvin Uwaibi, said the state has immense opportunities for investment in the oil palm industry and automobile sales, as records show that the state records the second largest automobile sales in Nigeria.

Uwaibi noted that Edo ranks 8th in terms of ease of doing business in Nigeria and is largely becoming an investors’ hub with the increasing reforms in the industrial sector.

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He added that reforms in land management through the Edo Geographic Information System Agency (Edo-GIS) has improved access to land and the state intends to partner with development finance institutions to create more opportunities for SMEs.

The discussion featured expert session focused on agriculture, skills development, Information and Communication Technology (ICT) and entertainment.

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Deputy General Manager on SME (South), BoI, Mr Ayo Bajomo, said the major role of the bank is to support Nigeria’s economy and industrialisation by supporting medium and large scale industries.

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Commissioner for Women Affairs and Social Development, Hon. (Mrs) Magdalene Ohenhen, in her closing remarks, said the ministry is also looking to partnering with organisations in creating opportunities for women.

She encouraged start-ups with creative ideas and solutions to take advantage of opportunities offered by BoI to expand their businesses.

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