By Abdul-Kadir Abdullah
The Edo State Investment Promotion Office (ESIPO)-Ease of Doing Business Secretariat has organized a crucial information session to empower Micro, Small, and Medium Enterprises (MSMEs) in Edo South with the knowledge and resources needed to access credit facilities.
The event, held at the John Odigie-Oyegun Public Service Academy on Tuesday, 17th September 2024, aimed to enhance the ease of doing business in the state and drive economic development.
In his opening remarks, the Managing Director of the Edo State Investment Promotion Office (ESIPO), Mr. Kelvin Uwaibi emphasized the importance of addressing the challenges faced by businesses in accessing credit. He highlighted the role of ESIPO in recommending incentives to businesses and the need to monitor their impact on job creation. Mr. Uwaibi stressed the government’s commitment to listening to businesses and formulating policies that support their growth.
“As a government, we have said, going forward, we must engage more with businesses. The era of sitting in the office to draft policies that would regulate the business environment without first engaging with businesses to get their input is over. If we must get it right, we must ensure that businesses are part of the conversations from the beginning. So, it’s important to address the issues businesses face regarding access to credit. The duty of government is actually to ensure an enabling environment for the private sector to operate, not the government competing with the private sector in doing business.”
Godfrey Onaibofoh Ovensehi, Credit Team Lead at LAPO Microfinance Bank, shared impressive statistics, revealing that LAPO alone has created over 600,000 jobs through SMEs since 2016. He also noted that over 500,000 SMEs in Edo State have benefited from LAPO’s loan facilities.
Odiamenhi Julius Aikhomu, Project Manager for the Edo State MSME Funds Project, provided valuable insights on navigating the loan application process. He outlined the objectives of the scheme, which include increasing employment, entrepreneurship, wealth creation, and poverty reduction.
The event was attended by representatives from various Business Member Organizations (BMOs), including the Benin Chamber of Commerce, Industry, Mines and Agriculture (BENCCIMA), and the Nigeria Association of Small Scale Industrialists (NASSI), among others.
This collaborative effort demonstrates the commitment of both the government and private sector in fostering a thriving business environment in Edo State.