From Tony Osauzo, Benin
Edo State Governor Monday Okpebholo has announced plans by his administration to provide interest-free loans to traders across the three senatorial districts of the state to help boost their businesses.
Additionally, the Governor also disclosed plans to revolutionise the agricultural sector through mechanised farming.
Both programmes—the interest-free loans and mechanised agriculture—are expected to commence in early January next year.
Governor Okpebholo disclosed this at the New Festival Hall in Government House, Benin City, where he addressed members of the Edo State Association of Commodity Market Women and Men (ESACM), who were in Government House on a congratulatory visit.
He emphasised his administration’s commitment to enhancing the livelihood of Edo citizens and ensuring sustainable economic growth through the empowerment of traders, businessmen, and women who play major roles in the economic development of the state.
The governor explained that the interest-free loan initiative is aimed at providing much-needed financial support to Edo traders, to ensure that they have the resources to expand their businesses without the burden of daunting interest rates.
“Early in January 2025, we shall begin to provide interest-free loans to Edo traders. Our traders are the backbone of our economy, and we must support them with the needed capital to help boost their businesses and improve the state’s economy.
“The interest-free loans that we are starting next year in January will help empower our traders, enhance growth, development, stability, and improve the livelihoods of the people,” Governor Okpebholo said.
He also outlined plans by his administration to revolutionise the agricultural sector through mechanised farming.
“In the same January 2025, we are going to start massive mechanised farming in Edo State. We are poised to ensure that food is available to all, even in these challenging times.
“Agriculture is vital to our state’s economy. Investing in mechanised farming will boost food production, create jobs, and ensure food security for our people.”
Responding, 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 Association’s support and loyalty to the administration.
She said the Association will continue to work with the government of Senator Monday Okpebholo in driving economic reforms in the state.
“With this initiative, Edo State is on track to becoming a model for economic revitalisation in Nigeria, paving the way for a prosperous future for all its residents. As the new programmes take shape, the state looks forward to reaping the benefits of enhanced productivity and financial independence for its traders and farmers alike,” Mrs. Ebhaguejeze added.
The mechanised farming initiative is expected to attract investments and partnerships with agricultural companies, as it will further enhance the state’s capacity for large-scale farming and reposition the economy.