Edo State Governor, Senator Monday Okpebholo, has revealed plans to give out interest-free loans to traders across the three senatorial districts to help boost their businesses.
He disclosed this at the New Festival Hall of Government House, Benin City, were he addressed members of the Edo State Association of Commodity Market Women and Men (ESACM), who were in Government House on a congratulatory visit.
Governor Okpebholo emphasized his administration’s commitment to enhancing the livelihood of Edo citizens and ensuring sustainable economic growth through empowerment of traders, businessmen, and women who play major roles in the economic development of the State.
He noted that the free-loan initiative is aimed at providing much-needed financial support to Edo traders, ensuring that they have the resources to expand their businesses without the burden of daunting interest rates.
“Early in January 2025, we shall begin to provide interest-free loans to Edo traders. 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 interest-free loans that we are starting next year in January will help empower our traders, enhance growth, development, stability, and improve the livelihoods of the people,” Governor Okpebholo stated.
Governor Okpebholo also outlined plans by his administration to revolutionize the agricultural sector through mechanized farming.
He said: “In the same January 2025, we are going to start massive mechanized farming in Edo State. We are poised to ensure that food is available to all, even in these challenging times. Agriculture is vital to our State’s economy. Investing in mechanized farming will boost food production, create jobs, and ensure food security for our people.”
Responding, President of the Association, Mrs. Josephine Ebhaguejeze, expressed gratitude for the Governor’s initiative, noting that it will be a game-changer for traders and farmers in the state and pledged the association’s support and loyalty to the administration. She said the association will continue to work with the Government of Senator Monday Okpebholo in driving economic reforms in the state.
“With this initiative, Edo State is on track to becoming a model for economic revitalization in Nigeria, paving the way for a prosperous future for all its residents. As the new programmes take shape, the state looks forward to reaping the benefits of enhanced productivity and financial independence for its traders and farmers alike.”
The mechanized farming initiative is expected to attract investments and partnerships with agricultural companies, as it would further enhance the state’s capacity for large-scale farming and repositioning the economy.
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