Edo State Governor, Monday Okpebholo, has launched a one billion naira interest-free loan initiative to empower about five thousand traders and small business owners, with disbursement expected to begin soon.
The initiative is part of Governor Monday Okpebholo’s administration’s broader plan to drive economic growth by empowering Small and Medium Enterprises across Edo state.
Small and Medium Enterprises remain vital to economic development globally, especially in developing nations where they significantly contribute to employment and national income.
In Nigeria, SMEs account for 96% of businesses and contribute over 48% to the national GDP, according to data from the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).(GF
It is within this framework that Governor Monday Okpebholo officially launched a ₦1 billion interest-free loan scheme, targeting more than 5,000 beneficiaries, including market women, artisans, small-scale entrepreneurs, and farmers across Edo State.
Economic experts describe the move as a strategic push toward financial inclusion and a potential catalyst for grassroots development, especially in the wake of rising inflation and a tough business environment.
Governor Okpebholo assures that beneficiaries will begin receiving the loans in the coming days, stating that the scheme will not only improve household incomes but also stimulate the informal sector, which represents a large portion of Edo’s economy.
