Edo State Governor, Monday Okpebholo, has launched a significant initiative to bolster the state’s grassroots economy: a N1 billion interest-free loan scheme aimed at traders and farmers across Edo State.
The program, unveiled at the Festival Hall of the Government House in Benin City, is specifically designed to provide a much-needed boost to small and medium-scale enterprises (SMEs) and to enhance agricultural productivity throughout the state.
The scheme anticipates benefiting a total of 5,000 individuals, providing them with access to crucial capital without the burden of interest payments. Beneficiaries will have a 12-month window to repay the loans, allowing them time to generate income and reinvest in their businesses or farms.
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Speaking to the assembled crowd at the launch event, Governor Okpebholo emphasized that the interest-free loan scheme is a direct fulfillment of his campaign promise to deliver tangible support to the grassroots economy of Edo State. He urged those who receive the loans to utilize the funds responsibly and effectively, with the goal of improving their businesses, increasing their incomes, and enhancing their overall livelihoods.
Emmanuel Okoebor, the State Commissioner for Finance, underscored the strategic importance of the interest-free loan scheme. He stated that it represents a deliberate and impactful move by the state government to reduce poverty levels, stimulate business growth across various sectors, and ultimately strengthen the overall economy of Edo State.
