The Edo State Government has forged a strategic partnership with the Bank of Industry (BOI) and LAPO Microfinance Bank to enhance access to financing for Micro, Small, and Medium Enterprises (MSMEs), with a special focus on grassroots entrepreneurs.
This was disclosed by Mr. Amen Odigie, Managing Director of the Edo State Investment Promotion Office (ESIPO), during a sensitization session held over the weekend in Irrua, Esan Central Local Government Area.
“We’re not waiting for interventions to come to us. The governor has mandated us to aggressively pursue financing avenues for our people — and this partnership with BOI and LAPO is one of the ways we’re making that vision a reality,” Odigie stated.
During the session, Mr. Joseph Edom, Edo State Manager of the Bank of Industry, introduced participants to the new N75 billion Federal Government MSME Intervention Fund, offering loan packages ranging from N1 million to N5 million at business-friendly interest rates.
“The fund is designed to support business expansion. But applicants must come prepared — with a registered business, solid documentation, and a clear business plan,” Edom advised.
Ms. Sofia Oke, Mega Branch Manager at LAPO Microfinance Bank, outlined tailored loan products specifically for micro traders, artisans, and informal sector operators who are often underserved by traditional banks.
“We’re here for the market women, hairdressers, and small vendors. With proper records and consistency, we can help scale their businesses,” she assured.
The session also addressed key challenges limiting MSMEs from accessing loans, including:
Lack of business registration
Poor credit history
Inadequate documentation
Informality and unbanked status
Entrepreneurs were urged to register with the Corporate Affairs Commission (CAC) and maintain transparent financial records to improve their creditworthiness.
In a goodwill message, Pastor Eromosele Davies Oigbochie, Secretary to the Esan Central Local Government and representative of the council chairman, applauded the initiative, affirming that support for MSMEs remains a cornerstone of the local government’s development agenda.
“This is how we build a resilient economy — by empowering our small businesses and unlocking their potential,” Oigbochie said.
The Edo State Government said more community outreach and loan access education campaigns will be conducted across the 18 local government areas in the coming months.
Edo State Government,MSME financing,BOI loan fund,LAPO Microfinance,Federal Government intervention
