Edo State Governor, Senator Monday Okpebholo, on Wednesday said his administration would provide interest-free loans to traders in the three senatorial districts of the state to boost their businesses from January 2025.
Governor Okpebholo made the disclosure on Wednesday at the New Festival Hall of the Government House, Benin City, where he addressed members of the Edo State Commodities Market Association of Women and Men (ESACM ), who were at the Government House on a congratulatory visit.
He emphasized his administration's commitment to improving the livelihoods of Edo citizens and ensuring sustainable economic growth by empowering traders, businessmen and women who play important roles in the economic development of the State.
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He noted that the free loan initiative aims to provide much-needed financial support to Edo traders, ensuring that they have the resources to expand their businesses without the burden of discouraging interest rates.
“In early January 2025, we will start offering interest-free loans to Edo traders.
“Our merchants are the backbone of our economy and we must support them with the capital necessary to help boost their businesses and improve the state's economy.
“The interest-free loans that we will start next year in January will help empower our traders, enhance growth, development, stability and improve the livelihood of the people,” Governor Okpebholo said.
He also outlined his administration's plans to revolutionize the agricultural sector through mechanized farming.
Governor Okpebholo stated: “In January 2025 itself, we are going to start massive mechanized farming in Edo State. We are prepared to ensure that food is available to everyone, even in these difficult times.
“Agriculture is vital to our state's economy. Investing in mechanized agriculture will boost food production, create jobs and ensure food security for our people.”
Responding, the 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 support and loyalty of the Association to the administration.
He said the Association will continue to work with Senator Monday Okpebholo's Government to push for economic reforms in the state.
Ebhaguejeze said: “With this initiative, Edo State is on its way to becoming a model of economic revitalization in Nigeria, paving the way for a prosperous future for all its residents.
“As new programs take shape, the State hopes to reap the benefits of increased productivity and financial independence for both its merchants and farmers.”
The mechanized farming initiative is expected to attract investments and partnerships with agribusinesses as it would further enhance the State's capacity for large-scale farming and reposition the economy.
Newslodge