Edo State Governor, Senator Monday Okpebholo, has unveiled plans to introduce interest-free loans for traders in the state beginning January 2025.
The governor made this announcement on Thursday during a congratulatory visit from the Edo State Association of Commodity Market Women and Men at the New Festival Hall of Government House in Benin City.
Okpebholo highlighted his administration’s commitment to supporting economic growth and improving the livelihoods of traders, describing the initiative as a vital step in empowering small businesses.
“Early in January 2025, we shall begin to provide interest-free loans to Edo traders,” Okpebholo stated. “Our traders are the backbone of our economy, and we must support them with the needed capital to help boost their businesses and improve the state’s economy.”
The governor explained that the loans would enable traders to expand their businesses without the pressure of interest rates, fostering stability and development across Edo State.
In addition to the loan initiative, Okpebholo announced plans to launch a massive mechanised farming program in January 2025.
“Agriculture is vital to our state’s economy. Investing in mechanised farming will boost food production, create jobs, and ensure food security for our people,” the governor said.
He emphasized that the move was part of his administration’s broader strategy to revolutionize the agricultural sector and make food readily available in the face of economic challenges.
Josephine Ebhaguejeze, President of the Edo State Association of Commodity Market Women and Men, commended the governor for his efforts, describing the initiatives as transformative for traders and farmers.
“This will be a game-changer for traders and farmers in Edo State,” Ebhaguejeze said, pledging the association’s continued support and loyalty to the administration.
The interest-free loans and mechanized farming initiative are expected to significantly impact Edo State’s economy, fostering growth, creating jobs, and improving the quality of life for residents.