• Saturday, May 25, 2024
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Edo, BoI, others brainstorm on access to finance for MSMEs

Kelvin Uwaibi
The Edo State government and other stakeholders in the investment sector, including officials of the Bank of Industry (BoI), are finetuning modalities to ease access to finance for Small and Medium Enterprises (SMEs) in the state to boost productivity.
During a presentation on ‘Sector Opportunities and Ease of Doing Business in Edo State,’ senior special assistant to the Edo State Governor on Investment Promotion, Kelvin Uwaibi, said the state had immense opportunities for investment in the oil palm industry and automobile sales, as records show that the state recorded the second largest automobile sales in Nigeria.
According to Uwaibi, Edo ranks eighth in terms of ease of doing business in Nigeria and is largely becoming an investors’ hub with the increasing reforms in the industrial sector.
He said reforms in land management through the Edo Geographic Information System Agency (Edo-GIS) had improved access to land and the state intended to partner development finance institutions to create more opportunities for SMEs.
The discussion featured expert session focused on agriculture, skills development, Information and Communication Technology (ICT) and entertainment.
Ayo Bajomo, deputy general manager on SME (South), BoI, said the major role of the bank was to support Nigeria’s economy and industrialisation by supporting medium and large scale industries.
Commissioner for women affairs and social development, Magdalene Ohenhen, in her closing remarks, said the ministry is also looking to partnering with organisations in creating opportunities for women.
She encouraged start-ups with creative ideas and solutions to take advantage of opportunities offered by BoI to expand their businesses.