A strategic partnership has been formed between the Edo State Government and LAPO Microfinance Bank to provide N300m in loans to Micro, Small, and Medium Enterprises scattered across the 18 Local Government Areas within the state.
In representation of the state, Osarodion Ogie, the Secretary to the Edo State Government, underlined the pivotal role of microfinance initiatives in fostering economic growth and stability during the signing of the Memorandum of Understanding (MoU).
Rather than a grant, Ogie emphasized the revolving nature of the loan, stressing the importance for beneficiaries to utilize the funds prudently and ensure timely repayment.
Expressing gratitude for the opportunity presented by the Edo State Government, Gloria Bako, the Executive Director of Corporate Services at LAPO, lauded the government’s dedication to nurturing the potential of the youth and assured continued collaboration.
Bako remarked, “The confidence shown by the state government in entrusting us with this significant initiative reflects their genuine interest in the welfare of their constituents and their commitment to empowering entrepreneurs and equipping young individuals with valuable skills.”
She also urged prospective beneficiaries to utilize the loans effectively for the advancement of their enterprises.
In an earlier address, Peter Obaseki, the Chairman of the Advisory Board of the MSME Fund, praised the government’s consistent backing of small-scale enterprises in the region.
Obaseki explained that the loan forms a key component of the social transfer program designed to enhance the livelihoods of residents, emphasizing the imperative for equitable distribution across all political wards and units within the 18 LGAs in Edo State.