Business

Edo govt, BoI to empower local manufacturers with N20m loans

The Edo State Government, in collaboration with the Bank of Industry (BoI), has extended credit lines to local manufacturers seeking loans of up to N20 million to expand their businesses and contribute to the state’s economic diversification drive.

The loans, which were meant for production and small-scale manufacturers in the state, were at five per cent interest with a five-year pay-back period.

This was disclosed by the State Manager, Bank of Industry (BoI), Edo State, Mr Christopher Ehi Omondiagbe, at the 2022 Pharmacy Week organised in Benin City, the state capital, on Tuesday.

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 N1 million to N10 million without collateral. The second category is between N10 million to N20 million with collateral.”

The Managing Director of the Edo State Investment Promotion Office (ESIPO), Mr. Kelvin Uwaibi, said the state government was desirous of supporting local manufacturers to expand their business through various incentives that would boost productivity and drive economic growth.

“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,” he said.

On his part, the Edo State Commander of the National Drug Law Enforcement Agency (NDLEA), Buba Wakama, called on stakeholders in the pharmaceutical industry to work closely with the agency to curb the proliferation of illicit drugs.

The Star