Gov. Okpebholo Launches N1 Billion Interest-Free Loan Scheme for Edo Traders

By Editor

Governor Monday Okpebholo of Edo State has launched a groundbreaking N1 billion interest-free loan scheme to support over 5,000 farmers and small business owners across the state. The initiative, designed to inject vitality into grassroots commerce, promises to be a beacon of hope for entrepreneurs and traders in the state.

The loan scheme, which aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda for national progress, will provide each beneficiary with N200,000 to N500,000 to expand their businesses, invest in inventory, and ultimately uplift their livelihoods. The loan features a generous 12-month repayment period and a one-month moratorium, offering vital breathing room for businesses to stabilize.

Governor Okpebholo emphasized that the scheme is a fulfillment of his campaign promise to provide soft loans to the people of Edo State. He stated, “Today, what we are doing in Edo State is the implementation of the agenda of the President. We thank God for the kind of leadership He has given to Edo State and Nigeria.”

The Commissioner for Finance, Emmanuel Ehidiamen Okoebor, highlighted the far-reaching benefits of the initiative, stating that it would “boost the economy of our rural areas and semi-urban areas, create jobs, and reduce poverty.” He lauded Governor Okpebholo’s achievements in his relatively short tenure, noting that “he has built flyovers, hospitals, schools, employed teachers, increased subvention for our universities to be better than what it was before.”

The event was attended by a host of dignitaries, including the Deputy Governor, Hon. Dennis Idahosa; the Speaker of Edo State House of Assembly, Sheriff Agbebaku; Secretary to the State Government, Barr. Umar Musa Ikhilor; and the Chief of Staff, Hon. Ganiyu Audu. Representatives from various trade associations also attended, demonstrating the widespread support for the initiative.

The Edo State interest-free loan scheme is expected to have a significant impact on the state’s economy, empowering entrepreneurs and traders to grow their businesses and improve their livelihoods. With this initiative, Governor Okpebholo’s administration has demonstrated its commitment to inclusive economic growth and poverty reduction.