CEM REPORT, SME | The Edo State Governor, Mr. Godwin Obaseki, in collaboration with the Bank of Industry (BoI), has open up low interest loans to local manufacturers state to help them expand their businesses and contribute to the state’s economic buoyance prospects
Bank of Industry (BoI)’s State Manager for Edo State, Mr. Christopher Ehi Omondiagbe, made this known at the 2022 Pharmacy Week organized in Benin City, the state capital.
The loans, maximum of 20 million, are meant for production and small-scale manufacturers in the state, and are at five percent interest with a five-year pay-back period.
Omondiagbe said; “We have an agreement with the state government. We have decided to divide the loan package into two categories. The first category is between N1million to N10million without collateral. The second category is between N10 million to N20 million with collateral.”
Managing Director of the Edo State Investment Promotion Office (ESIPO), Mr. Kelvin Uwaibi said the state government is desirous of supporting local manufacturers to expand their business through various incentives that would boost productivity and drive economic growth.
He said, “We want to see that manufacturing of pharmaceuticals is organized in clusters. Edo wants to be that hub for pharmacy. We want to support pharmaceutical businesses.”
The Edo State Commander of the National Drugs Law Enforcement Agency (NDLEA), Mr. Buba Wakama, called on stakeholders in the pharmaceutical industry to work closely with the agency to curb the proliferation of illicit drugs.