Over twelve thousand beneficiaries across the 18 Local Government Areas (LGAs) of Edo state are financing their businesses with the Micro Small and Medium Enterprises Development Fund (MSMEDF) in Edo state, made possible by the Central Bank of Nigeria (CBN).
The MSMEDF, totalling over N1.8 billion, which represents the first tranche of the MSMEDF to Edo State Government, is a strategy by the state government to utilise the CBN’s developmental programmes and mandate of promoting a stable financial system for Nigeria.
With beneficiaries from the agricultural sector constituting a larger percentage of the participants, the MSMEDF has over 12 participating micro finance banks and is creating new jobs through beneficiaries as its outcome is opening new opportunities in agricultural value chain, manufacturing, cottage industry, trade and general commerce.
A beneficiary of the Edo low credit scheme, Hajia Nefisat Ikerodah said: “I am a single mother and I can now sponsor my kids through school with less stress. I started my poultry business investing the two million I was given, and the proceeds from my birds and eggs sales have enabled me to rent a place for my private clinic with 5-member staff, and a plot of land to expand my poultry production. I am expecting 500 more birds, and I thank the state government for coming to my rescue, and for enabling me support others”.
Meanwhile, another beneficiary, Yakubu Ikhare, who manufactures blocks in Auchi revealed he was happy with the speedy growth of his block industry, while Mr Obi Francis, a stone crusher also disclosed that the funds had enabled him make significant impact within and outside the community.
He said: “What we do here is process limestone, excavate and mine. I took the loan to increase inflow. I had N2m and needed additional N4m to enable me purchase a hammer mill and harness my business, so when I got the loan, I invested the money and today my company is working. In my little way, I have been able to take some youths off the street and today I can boast of my own quarry site at Igue-Oke”.
In addition, Mrs Joy Ikharebhore lauded the state Government for the initiative adding that in a year, her circumstances had grown from operating a small shop, which she managed alone, to managing a boutique with 3 employees.
She, however, revealed that she needed access to loans so that she could furnish her shop with varieties.