By Jethro Ibileke
Governor Monday Okpebholo of Edo State, on Friday launched a ₦1 billion interest-free micro loan, scheme for for over 5,000 farmers and small business owners across the state.
The Governor who underscored his commitment to the scheme, emphasized that the ₦1 billion fund was the fulfillment of his campaign promise to boost the State economy.
He explained that the interest-free loan scheme 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.
Okpebholo also revealed that this initial rollout in which a total of 5,000 beneficiaries are expected to benefit across the State, is a pilot test, with its success paving the way for future replications of the scheme.
“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.
He urged the would-be beneficiaries to report back to him, if they do not get the fund.
In his remarks, the State Commissioner for Finance, Emmanuel Ehidiamen Okoebor, highlighted the far-reaching benefits of the initiative, noting that it would “boost the economy of our rural areas and semi-urban areas, create jobs, and reduce poverty.”
He explained that each of the 5,000 beneficiaries will receive ₦200,000, with a generous 12-month repayment period and a one-month moratorium, offering vital breathing room for businesses to stabilize.
“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.
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 present at the event.
