In a major move to boost grassroots economic development, Edo State Governor, Monday Okpebholo, on Friday, June 13, 2025, flagged off the disbursement of a N1 billion interest-free loan scheme targeted at over 5,000 small business owners and farmers across the state.
The initiative, described as a pilot phase, aims to empower micro and small-scale entrepreneurs, particularly market women, artisans, and rural traders, with zero-interest loans ranging from N200,000 to N500,000.
Speaking during the official launch in Benin City, Governor Okpebholo described the scheme as a direct alignment with President Bola Ahmed Tinubu’s Renewed Hope Agenda. He noted that the program represents the fulfillment of a key campaign promise to support the economic aspirations of ordinary citizens.
“There is an adage: follow who know road. That is why we decided to follow the footsteps of our President, Bola Ahmed Tinubu,” the Governor told a cheering crowd.
“This is our way of implementing the Renewed Hope Agenda in Edo State. It’s time for progress for our people.”
The Governor emphasized the importance of ensuring the loans reach genuine beneficiaries and cautioned against diversion of funds.
“I just wanted to be sure that this money will not go to the wrong hands. If you do not get this, come back to me and report,” he said.
The loan scheme offered beneficiaries a 12-month repayment window, including a one-month grace period before repayment begins allowing traders time to stabilize their businesses.
Edo State Commissioner for Finance, Hon. Emmanuel Ehidiamen Okoebor, lauded the Governor’s leadership, stating that the program will stimulate rural economies, reduce poverty, and improve livelihoods.
“Before now, our mothers paid 10% interest on loans of N200,000. Now, they will pay nothing in interest. You simply return what you borrowed,” Okoebor explained.
He also highlighted Governor Okpebholo’s developmental strides in infrastructure, education, and healthcare, describing the loan rollout as the latest in a series of people-focused policies.
Dignitaries at the event included the Deputy Governor, Hon. Dennis Idahosa; Speaker of the Edo State House of Assembly, Rt. Hon. Sheriff Agbebaku; Secretary to the State Government, Barr. Umar Musa Ikhilor; and Chief of Staff, Hon. Ganiyu Audu.
The launch was also attended by leaders of various trade and ethnic associations, including the Igbo and Hausa Traders Associations, as well as cooperative groups representing market women from Edo South, Central, and North senatorial districts.
The Governor reaffirmed his administration’s commitment to inclusive development, noting that the success of the pilot scheme would determine its expansion in the near future.
