By Idahosa Musa
Benin City, Nigeria – Edo State, Monday Okpehbolo, on Friday, officially launched a groundbreaking N1 billion interest-free loan schemes to traders in the State.
Governor Okpebholo posited that the gesture is in alignment with President Bola Ahmed Tinubu’s Renewed Hope Agenda for national progress.
Addressing a mammoth crowd of jubilant market women and men, drawn from across Edo in Benin, the State Capital, the Governor explained that the initiative was designed to inject vitality into grassroots commerce.
He added that the gesture would no doubt serve as a beacon of hope for over 5,000 small business owners across the state.
Okpebholo, however, compared the gesture with that of the Federal Government.
He said: “There is an adage that says, ‘follow who know road.’ That is why we decided to follow the footsteps of our President, Bola Ahmed Tinubu.
“Today (Friday), 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.”
Okpebholo underscored his personal commitment towards the scheme, recalling his campaign promise to provide soft loans for the people.
He emphasized that the N1 billion fund was the fulfillment 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.
“If you do not get this, come back to me and report,” revealing that this initial rollout is a “pilot test,” with its success paving the way for future replications of the scheme.
Also, the Edo State 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.
Okoebor noted that the Governor has built fly over, hospitals, schools, employed teachers, increased subversion for our universities to be better than what it was before
“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”, he said
It was scooped further that 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, categorized 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; Secretary to the State Government, Barr. Umar Musa Ikhilor; and the Chief of Staff, Hon. Ganiyu Audu.
Representatives from 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.
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