Monday Okpebholo, the Governor of Edo State, has taken a bold step to empower small-scale entrepreneurs and agricultural stakeholders by launching a N1 billion interest-free loan scheme aimed at supporting farmers and small business owners across the state.
The initiative, which was unveiled on Friday in Benin City, the state capital, is set to benefit no fewer than 5,000 residents, providing each with a N200,000 loan to be repaid over a 12-month period. The scheme includes a one-month moratorium, giving beneficiaries time to stabilise their businesses before repayment begins.
While addressing an enthusiastic crowd comprising mainly market men and women, Governor Okpebholo described the programme as a direct reflection of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which he said emphasizes grassroots development, economic revitalization, and inclusive growth.
“There is an adage that says, ‘follow who know road,’ and that is why we are following in the footsteps of President Bola Ahmed Tinubu,” he declared, drawing cheers from the crowd. “What we are doing here today is not just a government project; it is part of the broader vision of our president to uplift the lives of ordinary Nigerians. This is our own way of contributing to that vision here in Edo State.”
The governor also reminded the audience that this initiative was one of his key campaign promises, expressing personal satisfaction that it was now being implemented. “I made a promise to support the people with soft loans, and this N1 billion fund is the fulfilment of that promise,” he said.
He further noted that the decision to personally oversee the launch of the scheme was to ensure transparency and direct access to beneficiaries. “With past experiences, government loans often fail to reach the grassroots. I do not want that to happen again. That is why this gathering is necessary — so that you can hear it directly from me. If you apply and do not get it, come back to me and report.”
Governor Okpebholo added that the current loan rollout is a pilot phase. Depending on its success, the state government plans to expand and replicate the scheme to reach even more people across Edo’s local government areas.
Speaking at the event, the state’s Commissioner for Finance, Emmanuel Ehidiamen Okoebor, shed light on the broader economic implications of the scheme. According to him, the interest-free loan will serve as a stimulus for job creation, poverty alleviation, and rural development.
“This initiative will significantly boost economic activity, particularly in rural and semi-urban areas. It will empower our people to grow their businesses and contribute more meaningfully to the state’s economy,” Okoebor said.
He emphasized the uniqueness of the scheme, noting that unlike previous credit opportunities that required beneficiaries to pay high interest rates — often as much as 10 percent on loans of N200,000 — this programme comes with no such burden. “This is a zero-interest loan. Our mothers and traders will only pay back exactly what they borrow,” he assured.
Okoebor also praised the governor’s performance since assuming office, highlighting infrastructural development and improvements in education and healthcare. “Within this short time, he has constructed flyovers, built hospitals and schools, hired teachers, and increased funding for our universities. This loan scheme is yet another milestone.”
The Edo State government believes this intervention will not only energize small businesses and agriculture, but also strengthen public confidence in governance and economic planning.