By Abigail Philip David
Edo State Governor, Senator Monday Okpebholo, has unveiled plans to launch interest-free loans for traders across the state starting January 2025.
Speaking on Thursday at the New Festival Hall in Government House, Benin City, during a congratulatory visit by the Edo State Association of Commodity Market Women and Men, the governor reaffirmed his administration’s commitment to economic growth and improving the livelihoods of traders.
He described the initiative as a significant step toward providing financial relief to traders, enabling them to expand their businesses without the burden of interest rates.
“From January 2025, we will begin to provide interest-free loans to Edo traders. Our traders are the backbone of our economy, and it is our duty to support them with the capital needed to grow their businesses and contribute to the state’s economic prosperity,” Governor Okpebholo said.
He added, “This programme will empower traders, drive economic growth, and enhance the standard of living for our people.”
Mechanised Farming to Boost Agriculture
Governor Okpebholo also revealed plans to kick off large-scale mechanised farming in January 2025, aimed at enhancing food security, creating jobs, and positioning Edo State as a hub for agricultural production.
He stated, “In January, we will begin massive mechanised farming across the state. This is part of our strategy to ensure food availability and affordability during these challenging times. Agriculture remains a cornerstone of our economy, and mechanisation will significantly boost productivity, attract investments, and secure the state’s food supply.”
Support from Traders
The President of the Edo State Association of Commodity Market Women and Men, Josephine Ebhaguejeze, lauded the governor’s initiatives, describing them as transformative for traders and farmers. She assured the association’s full support for the administration’s economic reforms.
“With these initiatives, Edo State is poised to become a model for economic revitalisation in Nigeria. Traders and farmers alike will benefit from enhanced productivity and financial independence,” Ebhaguejeze said.
She added that the association remains committed to working with the government to drive reforms that will foster prosperity for residents.
Economic Impact
The mechanised farming initiative is expected to attract investments and collaborations with agricultural firms, further positioning Edo State for large-scale farming. Together with the interest-free loans, these programmes aim to stimulate economic growth, improve livelihoods, and set a precedent for sustainable development in the region.
