Edo State Governor Comrade Adams Oshiomhole 

The Governor of Edo state, Adams Oshiomhole has injected N2 billion into the economy of the state through the micro, small and medium enterprise development fund (MSMEDF).

The Governor made the presentation of the cheques to the beneficiaries of the loan scheme in Benin City on Monday.

According to him the loan scheme will sustain the businesses of the beneficiaries and cooperative society in the 18 Local Government Areas and the 192 wards of the state.

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.”

The 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. Of the ten thousand people who are qualified, 8,000 of them are women. The different businesses that are involved include petty trading, distribution business, agriculture and people who are processing agriculture.