By Alltimepost.com
Edo State economy has received a major boost as the State Governor, Comrade Adams Oshiomhole has injected N2 billion into the system with the presentation of check to 10,000 beneficiaries of the state Micro, Small and Medium Enterprise Development Fund (MSMEDF).
Oshiomhole said, during the presentation of checks to beneficiaries of the scheme in Benin City on Monday, that the whole idea was to help them sustain or advance their businesses and cooperative society. The 18 Local Government Areas and the 192 wards were well represented.
He enjoined the beneficiaries to use the funds judiciously for the purpose for which it was given, saying: “it is our hope and prayer that you use the money judiciously. It is meant not to improve the quality of soup today, but to lay a foundation that will lead to improvement in the quality of soup. So, the money mustn’t be diverted to catfish or grass cutter.”
“Our husbands must be properly briefed that this fund is meant to set up or sustain a business. Every kobo out of it must be judiciously used. That is the only way the intention of the State Government can be fulfilled, and the prayers of our President, President Muhammadu Buhari can be achieved to empower the Nigerian woman to be stronger and to contribute to economic growth and development,” he said.
According to him, the government’s initiative in this regard was to help entrepreneur solve the problems that afflict a lot of small scale businesses, including access to credit.
“I hope having made the fund available, you will also use it strictly for the purpose for which it was meant. A journey of a million miles begins with one correct step. Let it be said that today, you made the first step, and hopefully in the very near future, you will get there.”
To the micro-finance houses in partnership with the State Government on the scheme, Oshiomhole said: “You have been identified and chosen on the basis of your track record. I believe you that you don’t need to be told that you have no choice but to live up to the expectation of government as well as the promoters of the various small and micro credit businesses.”
He hinted the government took the current route purposely to eliminate the official government bureaucracy so that “these funds can be managed professionally without any political coloration.”
Oshiomhole urged them to do everything possible to produce a win-win outcome “and that we will have a basis to continue to do business with you.”
Earlier in his speech, the Chairman of Edo State Economic Team, and gubernatorial aspirant of the All Progressives Congress (APC), Mr. Godwin Obaseki said the scheme was a grassroots empowerment initiative designed to provide access to funds for small business operators.
“This event which we have titled ‘Grassroots Empowerment Initiative of the Edo State Government’ is a N2 billion naira fund which has been designed by the federal government in collaboration with Edo State Government to give micro, medium and small enterprises money for their businesses.”
This facility, he continued is to enable small and micro businesses be included in our financial system, adding: “the way this fund has been structured has been deliberate. We have gone round the 18 LGAs of Edo State, using the micro-finance banks located in each local government,” he said.
According to him, these funds have been made available to members of cooperatives who can borrow as much as N5 million for their cooperatives, for individuals who can borrow between N50, 000 and N500, 000; and also for medium businesses who can borrow up to N10 million.
“Working with all the micro-finance banks in Edo State, we screened over thirty thousand applications, and we are happy to announce that we have approved through the micro-finance banks over ten thousand applicants for this scheme.”
Of the ten thousand people who are qualified, he said eight thousand of them are women, adding that the different businesses involved included, petty trading, distribution business, agriculture and people who are processing agricultural commodities.
“Today, we are going to distribute the first tranche, and this is not the end of the facility. For those who haven’t benefitted from this first round, the applications are still open for us to receive more applications,” he assured.
The beneficiaries who turned out in large numbers expressed gratitude to Governor Oshiomhole for giving them the opportunity to earn a living.
One of them, Mrs. Esther Toritseju Arwuvierhirhe, said, “I just want to say once again, thank you for removing poverty from our lives’.
