The Edo State Government has launched a ₦1 billion interest-free micro loan scheme targeted at 5,000 beneficiaries across the state. Each beneficiary is set to receive between ₦200,000 and ₦500,000 to grow their businesses, invest in inventory, and improve their standard of living.
According to a statement signed by Fred Itua, Chief Press Secretary to Governor Monday Okpebholo, the loan comes with a 12-month repayment period and a one-month moratorium. The governor officially unveiled the scheme on Friday.
Speaking at the launch, Governor Okpebholo addressed a gathering of potential beneficiaries, including market women and men. He said, “There is an adage: follow who know road. That is why we decided to follow the footsteps of our President, Bola Ahmed Tinubu.”
He added, “Today, what we are doing in Edo State is the implementation of the President’s agenda. We thank God for the kind of leadership He has given to Edo State and Nigeria. Now, it is time for progress for our people.”
Governor Okpebholo emphasized that the loan scheme is a fulfillment of his campaign promise to support small businesses, but noted that safeguards have been put in place to ensure the funds reach the grassroots.
“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,” he stated.
Also speaking at the event, the State Commissioner for Finance, Emmanuel Ehidiamen Okoebor, described the initiative as a milestone in Governor Okpebholo’s commitment to economic empowerment.
“It is with great pride and sense of responsibility that I welcome everyone to the launch of the ₦1 billion interest-free loan for Edo people—our traders, our market women, our brothers, and our fathers in the state,” he said.
Okoebor praised the governor’s accomplishments, saying, “In this short period, he has built flyovers, hospitals, schools, employed teachers, and increased subvention to our universities.”
He stressed the significance of the zero-interest component of the loan. “Before now, our mothers collected loans and paid 10% interest on ₦200,000. For this, there is no interest. You pay back what you borrowed.”
According to the commissioner, the initiative will stimulate economic activities in rural and semi-urban areas, create jobs, and reduce poverty across the state.
