Business

September 1, 2021

Edo, BOI launch N2bn fund for 50,000 MSMEs

Bank of Industry

Bank of Industry

By Cynthia Alo

The Edo State Government and the Bank of Industry (BOI) have unveiled a Micro Small and Medium Enterprise (MSME) development fund worth N2 billion to support entrepreneurs in the state.

The fund was launched during a citizens’ engagement session organized by the Edo State Skills Development Agency, also known as EdoJobs, at the government house in Benin City.

Speaking at the event, the state’s Governor, Godwin Obaseki, stated: “The initial amount is N2 billion. Edo State Government provided N1 billion, while BOI provided the other N1 billion, making it N2 billion, with an attractive interest rate.

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“In addition, we have a N165 million fund, as part of the first tranche from the Edo State Government.

“It will be made available to small businesses, which are currently domiciled in our production hub, to support and encourage them to grow their businesses.“BOI has the capacity and resources to support this kind of programme.

“From this N2 billion fund, we estimate that we can impact as many as 50,000 businesses in Edo State.”

Also speaking, the Managing Director and Chief Executive Officer of BOI, Mr. Olukayode Pitan, stated: “This MSME fund is aimed at providing business loans to enterprises located within the state, while the second fund is the N165m Edo Production Hub Fund, financed by the Edo State Government.”

Vanguard News Nigeria