BENIN CITY — Edo State Governor, Monday Okpebholo, has launched a ₦1 billion interest-free loan programme aimed at supporting 5,000 traders, artisans and small business owners as part of efforts to boost grassroots economic development in the state.
Under the initiative, each beneficiary will receive ₦200,000, repayable over a 12-month period without interest. The scheme also provides a one-month moratorium before repayment begins.
The governor said the programme is designed to ease the financial burden on small-scale entrepreneurs by providing access to affordable credit to expand their businesses without the high interest rates associated with conventional loans.
In addition to the loan scheme, Okpebholo announced that genuine traders and former occupants of the reconstructed Oba Market would be allocated shops free of charge, with no allocation fees.
According to the governor, the move is intended to support traders displaced during the market’s reconstruction while ensuring they can resume their businesses without additional financial strain.
The Edo State Government said the initiative reflects its commitment to strengthening the informal sector, which plays a significant role in employment generation and the state’s economy.
The administration noted that beyond investing in major infrastructure projects, supporting market women, artisans and small businesses remains a key component of its strategy for inclusive economic growth and improved livelihoods across the state.
