Edo State Governor, Monday Okpebholo, has announced plans to provide interest-free loans to traders across the three Senatorial Districts to boost their businesses and drive economic growth.
Speaking at the New Festival Hall in Government House, Benin City, Governor Okpebholo addressed members of the Edo State Association of Commodity Market Women and Men (ESACM), who visited to congratulate him.
The governor reiterated his administration’s dedication to improving the livelihoods of Edo citizens and fostering sustainable economic development by empowering traders, businesspeople, and entrepreneurs who play pivotal roles in the state’s economy.
He added that the interest-free loan initiative is designed to offer crucial financial support to traders, enabling them to expand their businesses without the burden of high 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,” Okpebholo stated.
He outlined his administration’s plans to revolutionize the agricultural sector through mechanized farming.
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The governor said: “In the same January 2025, we are going to start massive mechanized 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 mechanized farming will boost food production, create jobs, and ensure food security for our people.”
In her response, the President of the Association, Josephine Ebhaguejeze, expressed profound gratitude for the governor’s initiative, describing it as a transformative step for traders and farmers in the state.
She also pledged the Association’s unwavering support and loyalty to the administration.
Ebhaguejeze further stated that the Association remains committed to collaborating with Senator Monday Okpebholo’s Government to advance economic reforms in the state.
“With this initiative, Edo State is on track to becoming a model for economic revitalization 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.”
The mechanized farming initiative attracted investments and fostered partnerships with agricultural companies, significantly boosting the State’s capacity for large-scale farming and repositioning its economy.
