The Edo State Government will launch an interest-free loan scheme for traders beginning January 2025, Governor Senator Monday Okpehbolo announced on Thursday.
The initiative is part of his administration’s efforts to stimulate economic growth and empower business owners across the state.
Speaking at the New Festival Hall, Government House, Benin, during a courtesy visit from the Edo State Association of Commodity Market Women and Men, Governor Okpehbolo reaffirmed his commitment to supporting small businesses and improving livelihoods through sustainable policies.
“Our traders are the backbone of our economy, and we must support them with the capital needed to grow their businesses,” the governor said. “The interest-free loans will enable our traders to expand without the burden of high interest rates, fostering business stability and contributing to the overall growth of Edo State’s economy.”
The loan scheme is designed to benefit traders, business owners, and women who play pivotal roles in the state’s economic development. The governor also highlighted the broader impact of the programme, noting its potential to strengthen local markets and create a ripple effect on the state’s economy.
In addition to the loan initiative, Governor Okpehbolo unveiled plans to revolutionise the agricultural sector by introducing mechanised farming. This move, he said, aims to increase productivity, reduce manual labour, and further enhance the state’s economic output.
The announcement has been widely praised by stakeholders, including representatives of the market association, who described it as a bold and impactful step toward economic empowerment.
The interest-free loan programme underscores the administration’s focus on fostering inclusive growth and creating opportunities for the people of Edo State. As the scheme kicks off in January 2025, it is expected to ease the financial pressures on traders and pave the way for a more vibrant and prosperous business environment in the state.
