Edo State Governor, Monday Okpebholo, on Friday unveiled a ₦1 billion interest-free micro loan scheme aimed at empowering over 5,000 farmers and small business owners across the state.

Speaking during the launch, Okpebholo said the scheme fulfills one of his key campaign promises to strengthen the state’s economy. Beneficiaries will receive between ₦200,000 and ₦500,000 with no interest, allowing them to expand their businesses, grow inventory, and improve livelihoods.

The governor described the rollout as a pilot phase, with more phases planned depending on its success. “I just want to ensure the money reaches the grassroots. In the past, government loans rarely got to the right people,” he said. He urged potential beneficiaries to report any failure to receive their funds.

State Commissioner for Finance, Emmanuel Ehidiamen Okoebor, said the initiative is designed to energize rural and semi-urban economies, create jobs, and alleviate poverty. He explained that each beneficiary will receive ₦200,000, repayable over 12 months, with a one-month grace period.

“Before now, our mothers paid 10% interest on a ₦200,000 loan. This time, there’s no interest you only pay back what you borrowed,” he noted.

The launch drew representatives from the Igbo and Hausa Traders Associations, as well as market women cooperatives from all three senatorial districts of the state.