In an effort to stimulate productivity and boost economic activity, the Governor Godwin Obaseki-led administration has extended a substantial portion of credit facilities from the Edo Micro, Small and Medium Enterprises (MSME) Fund to businesses in the agriculture, education, food processing and petrochemical sectors in the state.
The N2bn MSME Fund was instituted by the Governor to support businesses in the state with microcredit and SME Fund from N100,000 to the tune of N20m. The fund is managed in partnership with the Bank of Industry and TrustFund Microfinance Bank.
According to the Project Manager of the Edo MSME Fund, Joseph Ojoboh: “The Fund is currently managed by the Edo State Skills Development Agency (EdoJobs) and is intended to provide financial and other business support services to qualified entrepreneurs involved in Micro, Small and Medium Enterprises located in the 18 local government areas of Edo State.
“The vision of the programme is to ensure that more than 5000 MSMEs in Edo State have access to finance (loans, grants and others) for business growth and expansion while considering gender, senatorial zones and Persons with Special Needs (PLWDs).”
He added that businesses engaged in the agricultural sector have benefited the most from the programme as they account for 52 percent of the disbursed funds. Other notable sectors are education, food processing and petrochemicals which represent 12, 8, and 7 percent respectively.