Governor Monday Okpebholo of Edo State on Friday launched a ₦1 billion interest-free loan scheme for over 5,000 traders, artisans, and farmers.
Speaking at the event in Benin City, Okpebholo said the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda and his own campaign promise to support small businesses.
“There’s an adage: follow who know road. That’s why we’re following the President’s steps,” he told the crowd of market women and men. “If you don’t get this loan, report to me directly.”
Each beneficiary will receive ₦200,000 with a 12-month repayment period and no interest. Okpebholo said this pilot phase would pave the way for future expansions.
Finance Commissioner Emmanuel Ehidiamen Okoebor hailed the scheme as a tool to boost rural economies, create jobs, and reduce poverty. “Before now, our people paid 10% interest on ₦200,000 loans. This time, it’s zero interest,” he noted.
Dignitaries at the event included Deputy Governor Dennis Idahosa, House Speaker Sheriff Agbebaku, and leaders of market associations across the state.
Okpebholo assured the people that this was just the start of his government’s empowerment drive.
![Subscribe to Obaland Magazine](<a href="/advertise"> <img src="https://yourwebsite.com/path-to-ad.jpg" alt="Advertise with us" width="300" height="250"> </a>){kind=link}