The Governor of Edo State, Monday Okpebholo, today, officially launched a groundbreaking N1 billion interest-free loan scheme for traders in the state.
At the event, he declared that it was a direct alignment with President Bola Ahmed Tinubu’s Renewed Hope Agenda for national progress.
The initiative, designed to inject vitality into grassroots commerce, promises to be a beacon of hope for over 5,000 farmers and small business owners across the state. The atmosphere was electric at the launch event, which was held in Benin City, the state capital.
News of the launch was broken in a press release issued by Fred Itua, the Chief Press Secretary (CPS) to the Governor of the state.
Governor Okpebholo, addressing a jubilant crowd of market women and men, drew a powerful parallel between his administration’s vision and federal leadership.
The releases said the governor told the jubilant crowd: “There is an adage: follow who know road. That is why we decided to follow the footsteps of our President, Bola Ahmed Tinubu. ”
According to the release, the governor added, “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. Now, it is time for the progress for our people.”
The Governor underscored the personal commitment behind the scheme, recalling his campaign promise to provide soft loans. He emphasized that this N1 billion fund was the fulfilment of that pledge, but with a crucial safeguard.
“I just wanted to be sure that this money will not go to the wrong hands. That is the essence of this gathering. Because, with my past experience, whenever the Executive gives out loans, the money does not get to the grassroots,” Governor Okpebholo noted.
A total of 5,000 beneficiaries are expected to benefit across the state. Governor Okpebholo issued a clear directive: “If you do not get this, come back to me and report.”
He also revealed that this initial rollout was a “pilot test,” with its success paving the way for future replications of the scheme.
In his statement, the Commissioner for Finance, Emmanuel Ehidiamen Okoebor, highlighted the far-reaching benefits of the initiative.
“It is with great pride and sense of responsibility that I stand before you today to welcome everybody to this occasion of the launching of the N1 billion interest-free loan to Edo people, our traders, our market women, our brothers and our fathers in the state,” he declared.
Okoebor elaborated on the scheme’s impact, stating 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 flying over, hospitals, schools, employed teachers, and increased subvention for our universities to be better than what it was before.
He added, “Now, he has come to empowering the people.”
Crucially, he explained the zero-interest feature that sets this loan apart. “Before now, our mothers collected loans and paid 10% on N200,000. For this, there is no interest. You pay back what you borrowed.”
Each of the 5,000 beneficiaries will receive N200,000, with a generous 12-month repayment period and a one-month moratorium, offering vital breathing room for businesses to stabilize.
The Edo State interest-free loan scheme, categorised as a micro loan, will allow beneficiaries to access between N200,000 and N500,000, empowering them to expand their businesses, invest in inventory, and ultimately uplift their livelihoods.
With the N1 billion interest-free loan, Governor Okpebholo’s administration has not only fulfilled a key campaign promise but also laid a robust foundation for inclusive economic growth, promising a brighter and more prosperous future for the people of Edo State.
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; the Secretary to the State Government, Barr. Umar Musa Ikhilor; and the Chief of Staff, Hon. Ganiyu Audu.
Representatives of various trade associations, including the Igbo Traders Association, Hausa Traders Association and numerous market women’s cooperatives from the three senatorial districts, were also present.
