Edo State Governor, Senator Monday Okpebholo, will offer interest-free loans to traders in the state starting January 2025.
During a visit by the Edo State Association of Commodity Market Women and Men, Okpehbolo announced an initiative to support traders, businesspeople, and women who play important roles in the state’s economic development.
He emphasised his administration’s commitment to empowering traders and improving livelihoods through sustainable economic policies.
“Our traders are the backbone of our economy, and we must support them with the capital needed to grow their businesses. The interest-free loans will help our traders expand without the burden of high interest rates,” Okpebholo said.
He also stated that the loan program would boost business stability and contribute to the general growth of the state’s economy.
In addition to the loan program, Okpebholo announced plans to overhaul the agricultural industry in Edo State by adopting mechanised farming.
This effort will begin in January 2025 and aims to increase food production, create jobs, and ensure food security.
“Agriculture is vital to our state’s economy. Investing in mechanised farming will help us ensure food availability and create economic opportunities,” the governor added.
The mechanised farming initiative is expected to attract investment and collaborations with agricultural corporations, thereby increasing the state’s potential for large-scale farming and contributing to long-term economic revival.
In reaction to the Governor’s initiatives, Mrs. Josephine Ebhaguejeze, President of the Edo State Association of Commodity Market Women and Men, praised the interest-free loan scheme.
She described it as a transformative step for the state’s traders and farmers, highlighting its ability to spur economic reform.
“With this initiative, Edo State is positioning itself as a model for economic revitalisation in Nigeria, fostering a prosperous future for its residents. We pledge our support to the Governor’s administration as these programs take shape,” Ebhaguejeze stated.
