Small and Medium Enterprises in Edo State cannot access the N220bn intervention fund floated by the Edo State Government, Governor of Central Bank, Sanusi Lamido Sanusi has revealed.
Speaking at the Government House in Benin on Friday during a condolence visit to the Edo State government over the death of wife of Oba of Benin, Esther Erediauwa, Sanusi lamented that enterprises cannot access the loan due to its high interest rate. He therefore said that the loan would not fulfil its purpose of alleviating poverty.
“There are 30 microfinance banks across the country mandated to grant the loans to the SMEs at low interest rates. This is a fund targeted at the most excluded segment of the society, and 60 per cent of it is dedicated to women”.
Consoling Governor of the state, Adama Oshiomhole on the Oba’s wife’s death, he spoke about his close relationship with the palace, saying he has fond memories of the queen mother.
In his response, Oshiomhole thanked Sanusi for the visit, and also lamented the death of the queen mother, whom he described as a wonderful who busied herself with the progress of the state.
