In a powerful move to energize the engines of local commerce, Edo State Governor Monday Okpebholo has kicked off a ₦1 billion interest-free loan scheme targeted at revitalizing the informal sector and empowering thousands of grassroots entrepreneurs.
More than 5,000 farmers, artisans, and traders are set to benefit from the initiative, which Governor Okpebholo described as “the beginning of a people-powered economic revolution” during a launch ceremony held in Benin City.
“We are not waiting for the federal government to fix poverty. We are starting from Edo, from the markets, from the streets, from the farms,” he declared. “This is not politics—this is progress.”
Echoing President Bola Ahmed Tinubu’s Renewed Hope Agenda, the governor said the scheme reflects Edo’s commitment to inclusive development. Each beneficiary will receive up to ₦500,000 without paying a kobo in interest, with 12 months to repay and a one-month moratorium.
“Too many times, loans never reach those who need them most,” Governor Okpebholo said. “I gave my word—and today I’m delivering. If you don’t get this money, come and report directly to me.”
Finance Commissioner Emmanuel Okoebor praised the initiative, calling it a “revolutionary model for rural empowerment” and a deliberate strike against the cycle of poverty in the state.
“This loan will boost businesses, spark local industries, and restore dignity to hardworking Edo people,” he said.
Representatives of market women and trade associations from across the state attended the launch in full force, voicing appreciation and pledging to ensure the funds transform livelihoods.
“Our mothers used to borrow at 10% interest—now they can breathe,” one trader from Auchi said. “This is the kind of leadership we prayed for.”
The governor stressed that the current rollout is just the beginning—a pilot project that, if successful, will be replicated and expanded.
“We’re not only building flyovers—we are building futures,” he said. “This is how we win the war against poverty—not with promises, but with practical action.”
With the launch of the ₦1 billion interest-free loan scheme, Governor Okpebholo has redefined governance as grassroots investment, sending a strong signal that under his watch, economic empowerment will no longer be a slogan, but a state policy with people at the center.
