Governor Okpebholo Launches ₦1 Billion Interest-Free Loan for Edo Traders, Farmers
In a bold move to stimulate grassroots economic development, Edo State Governor, Monday Okpebholo, has launched a ₦1 billion interest-free loan scheme targeted at thousands of small-scale traders and farmers across the state.
The initiative, which was unveiled at the Government House in Benin City on Friday, aims to empower local entrepreneurs with access to capital without the burden of interest.
Under the scheme, over 5,000 beneficiaries will receive micro-loans ranging from ₦200,000 to ₦500,000 each.
The loans are structured to be repaid over a period of 12 months, with a one-month grace period to enable recipients to stabilize their operations before beginning repayment.
Speaking at the launch, Governor Okpebholo emphasized that the program is part of his administration’s broader commitment to economic inclusion and poverty reduction.
“This initiative is in line with President Bola Tinubu’s Renewed Hope Agenda,” he said. “It is designed to inject capital into our informal economy, where the backbone of our local trade and agriculture operates.”
The governor assured that the process for disbursing the funds would be transparent, with mechanisms in place to ensure that only genuine traders and farmers benefit.
He also invited citizens to report any incidents of exclusion or misuse of the funds, reinforcing his administration’s zero-tolerance policy toward corruption.
“We are investing in the future of Edo State,” Okpebholo said. “By empowering our traders and farmers, we are not only lifting families out of poverty but also laying the groundwork for sustainable development.”
Officials overseeing the program noted that applicants will not be required to pay any form of interest on the loans and encouraged people in rural and semi-urban areas to take advantage of the opportunity.
The scheme, they said, is intended to stimulate commerce, increase agricultural productivity, and create jobs at the grassroots level.
The interest-free loan project is seen as a significant step in addressing access-to-finance challenges often faced by small businesses in Nigeria. If successful, it could become a model for other states seeking to empower micro-enterprises and improve local livelihoods.
The governor’s office hinted that this may be the first in a series of such interventions, depending on the performance and impact of the current rollout.
The loan application process is expected to be rolled out through designated local government channels and cooperatives, with monitoring teams set to follow up on usage and repayment progress.
