As national economic policies tighten the noose on businesses, the Edo State Government has outlined key interventions to ensure that the Edo economy remains resilient and the various sustainable business models continues to grow. The Authorities took to their social media accounts to share this update
The interventions include clustering Micro, Small and Medium Enterprises (MSMEs). They seek to work with development partners to upskill them. They want give businesses access to finance through the N5 billion LAPO MFB administered loan facility. Further, businesses will get access to energy with the partnership with the Renewable Energy Association of Nigeria. The partnership will help to train 20 local renewable energy businesses.
The State Government has urged MSMEs in Edo to take advantage of these facilities to strengthen their businesses and weather the storm of rising costs.
Speaking on the subject matter, Joy, a trader at Ogbelaka Street in Benin City, said that she had already seen a hike in the price she pays for transportation and fears that it may get worse if the rumoured N700 per litre petrol price becomes a reality. She called on the State Government to intervene and cushion the effect of the rising costs.
Similarly, Sunday Osas, a commercial bus driver, says he will have no choice but to increase his charges if the news of perceived scarcity and the rising cost of petrol becomes a reality. He also urged government to take stringent measures to curb the increases in transport fares.
They reiterated the commitment of the Edo State Government towards this mandate. Accordingly, the Managing Director, Edo State Investment Promotion Office (ESIPO), Kelvin Uwaibi, spoke to the media. He stated, that the State Government is working to providing sustainable solutions to businesses in the State.
The Edo State Government is also committed to providing sustainable solutions to businesses in the State. We are aware of the challenges businesses face. Accordingly, he noted are working to provide them with the support they need to succeed. We urge businesses to take advantage of the available facilities and to work with us to build a resilient economy.”
Uwaibi also said that businesses in Edo State can contact ESIPO via email. Through this they will find information about the State Government’s support programmes for businesses.