Obaseki, BoI extend credit lines to local manufacturers

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

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

This was disclosed by the State Manager of BoI, Christopher Ehi Omondiagbe, at the 2022 Pharmacy Week organised in Benin City, the state capital.

“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 and N10million without collateral. The second category is between N10 million and N20 million with collateral,” he said.

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

“We want to see that manufacturing of pharmaceuticals is organised in clusters. Edo wants to be that hub for pharmacy. We want to support pharmaceutical businesses,” Uwaibi said.