Lifeline for Edo Traders As Okpebholo Provides N1bn Interest-Free Loan

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Governor Monday Okpebholo of Edo State, on Friday, fulfilled his electioneering promise to provide Edo traders with interest-free loans.

Governor Okpebholo, at an event in Benin City attended by his Deputy, Dennis Idahosa and other top government functionaries, officially launched the groundbreaking N1 billion interest-free loan scheme designed to boost grassroots commerce, and targeting over 5,000 farmers and small business owners across the state.

Governor Okpebholo said the scheme aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda for national progress, stating that this initial rollout is a “pilot test,” with its success paving the way for future replications of the scheme.

Addressing an ecstatic crowd of market women and men, the governor drew a parallel between his administration’s vision and federal leadership. He 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.

“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 emphasised that this N1 billion fund was the fulfillment of that pledge, but with a crucial safeguard.

According to him, “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 experience, whenever the Executive gives out loans, the money does not get to the grassroots”.

Governor Okpebholo therefore issued a directive to the traders, saying, “If you do not get this, come back to me and report.”

In his statement, the Commissioner for Finance, Emmanuel Ehidiamen Okoebor, highlighted the far-reaching benefits of the initiative.

He said the scheme 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, increased subvention for our universities to be better than what it was before. Now, he has come to empowering the people.”

Explaining the zero-interest feature that sets this loan apart, Okoebor noted that “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 stabilise.

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 says it 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.

Representatives from various trade associations, including the Igbo Traders Association, Hausa Traders Association, and numerous market women’s cooperatives from the three senatorial districts, witnessed the launch.