The Edo State Government has formalized a collaboration with LAPO Microfinance Bank to provide empowerment and support to small businesses across all 18 local government areas in the state. This initiative aims to enhance economic growth and development at the grassroots level.
On Monday, at the Government House in Benin City, the Secretary to the Edo State Government, Osarodion Ogie Esq., signed the agreement on behalf of the state. During the ceremony, Ogie emphasized the crucial role that microfinance institutions play in driving economic activity, noting that these schemes are essential to the vitality of global economies.
He further highlighted the significance of the initiative, encouraging small business owners to utilize the loan facilities provided by the partnership effectively. “These are not grants; they are loans that must be put to good use,” Ogie stressed, underscoring the responsibility of beneficiaries to ensure that the funds are spent wisely to foster business growth.
Ogie also commended Governor Godwin Obaseki for his vision and commitment to the economic empowerment of Edo residents, noting that the governor, with his background in investment banking, understands the pivotal role small businesses play in the state’s economy. He expressed confidence that the program would create a positive impact on the lives of many individuals across the state.
Peter Obaseki, the Chairman of the Advisory Board for the MSME Fund, praised the government’s ongoing support for small businesses, particularly in providing access to affordable loans. He highlighted the key differentiator of this initiative: a concessional interest rate of just 9%. “This is part of Governor Obaseki’s broader mandate to empower small businesses,” he remarked, stressing that the program aims to reach all corners of the state, not just urban areas. He reiterated that the funds distributed under this scheme are loans, not grants, and emphasized the importance of proper monitoring to ensure the funds are repaid and recycled to benefit future participants.
Gloria Bassey, the Executive Director of Corporate Services at LAPO Microfinance Bank, expressed her admiration for the state government’s commitment to youth development and reiterated LAPO’s dedication to continuing its partnership with the government. She assured that LAPO would remain actively engaged in supporting the successful implementation of this initiative across Edo’s local councils.
This collaborative effort between the Edo State Government and LAPO Microfinance Bank is poised to empower countless entrepreneurs, improve local economies, and contribute to the long-term sustainable development of the state.
