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EDO STATE, Nigeria — Edo State Governor, Senator Monday Okpehbolo, has announced that his administration will begin offering interest-free loans to traders in the state beginning from January 2025.
According to him, the initiatives aimed to boost local economy by supporting traders, businesspeople, and women who play key roles in the state’s economic development.
Okpehbolo gave this announcement on Thursday at the New Festival Hall, Government House, Benin, during a visit from the Edo State Association of Commodity Market Women and Men.
He emphasised his administration’s commitment to empowering traders and improving livelihoods through sustainable economic policies.
He said, “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."
He said the loan scheme would improve business stability and contribute to the overall growth of the state’s economy.
In addition to the loan initiative, Governor Okpehbolo outlined plans to revolutionise the agricultural sector by introducing mechanized farming in Edo State.
This initiative will commence in January 2025 and is aimed at increasing food production, creating jobs, and ensuring 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 programme is expected to attract investment and partnerships with agricultural companies, further enhancing the state’s capacity for large-scale farming and contributing to long-term economic revitalisation.
Reacting to the development, the President, Edo State Association of Commodity Market Women and Men, Josephine Ebhaguejeze, commended the governor for the interest-free loan scheme.
She called it a transformative step for traders and farmers in the state, emphasizing its potential to drive economic reforms.
“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.”
