Post COVID-19: Edo to spend N3 billion to assist businesses

From Tony Osauzo, Benin

Edo State is to spend over N3 billion to implement its Nigeria COVID-19 Action Recovery and Economic Stimulus Programme, a component of Nigeria Cares World Bank Support Programme.

Briefing journalists in Benin City yesterday, the Permanent Secretary, Ministry of Wealth Creation, Cooperatives and Employment, Joel Edionwe, explained that under the programme, Edo State Government‎ is to provide up to percent grants to support businesses affected during the COVID-19 lock-down.

“What they will get from Edo Government is a grant to repay the loans they took for their businesses affected by the pandemic. We do not need to lament COVID-19 effect, we must address them”, he said.

The Permanent Secretary announced that the total package the World Bank support programme for Nigeria is $750 million, adding that its implementation would run from 2021 to 2022.

He further disclosed that his Ministry has trained over150 agents to capture the data of businesses in Edo State, explaining that the programme is running in partnership with the Bank of ‎Industry that would carry out due diligence before shortlisting qualified businesses and disbursement of funds.

According to Edionwe, the Disbursement Linked Initiative for Result of the programme (DLI)has three categories, explaining that the first category covers grant to support post COVID-19 loan to ease financial constraint, while category two grant support operational cost of enterprises-input and working cost (Employment and job creation grant and category three grant is to enhance technical capabilities, especially development oof digital/ICT capacities.