In a bid to empower small-scale entrepreneurs and strengthen grassroots businesses, the Edo State Government has unveiled a N1 billion interest-free loan programme targeted at farmers and traders across the state.
Governor Monday Okpebholo officially launched the initiative on Friday in Benin City, stating that over 5,000 beneficiaries would be supported in the first phase. The scheme is designed to provide critical working capital to rural and urban micro-enterprises struggling to access affordable financing.
“This is a fulfilment of my campaign promise,” said the governor, who emphasized that the initiative comes with safeguards to ensure that only genuine small business owners benefit. “I wanted to ensure this money reaches the right people. That’s the reason for today’s gathering.”
Okpebholo expressed his resolve to avoid the mistakes of past government loan schemes, which often failed due to mismanagement and political interference. He assured citizens of strict monitoring and transparency in the disbursement process and encouraged anyone who feels unjustly excluded to report directly to his office.
Describing the scheme as a pilot for future economic interventions, the governor said its success would set the stage for broader access to finance for Edo’s informal sector.
Speaking at the launch, the state’s Commissioner for Finance, Emmanuel Okoebor, said the loan programme is expected to boost local economies, stimulate job creation, and lift thousands out of poverty.
“This time, you repay exactly what you borrowed — no interest attached,” Okoebor said, highlighting the favourable terms of the loan. Each approved business will receive between N200,000 and N500,000, with a 12-month repayment plan that includes a one-month grace period to allow businesses to stabilize.
Okoebor also commended Governor Okpebholo for what he described as rapid progress in key sectors such as infrastructure, education, and employment since assuming office.
With this move, Edo joins a growing number of Nigerian states experimenting with innovative financial tools to support MSMEs and revitalise local economies. As the rollout begins, the state government is calling on traders, farmers, and micro-business owners to prepare their documentation and participate actively
