Business owners excited as Governor Okpebholo monitors implementation of N1bn interest-free loan

It was a sigh of relief for small business owners in Edo State as the state government helped reduce one of the major challenges hindering the growth of their ventures by disbursing N1billion in interest-free loans to some beneficiaries.

The beneficiaries of the government’s financial scheme span small and medium enterprises across the three senatorial districts.

The beneficiaries, while describing the gesture as a life-changing economic intervention, noted that it has boosted their businesses and improved livelihoods across the state.

The disbursement of the financial assistance was carried out by the management of the Edo State Skills Development Agency (ESSDA), alongside participating financial institutions.

The management of ESSDA, which monitored the level of implementation of the fund by the beneficiaries opined that the exercise was aimed at assessing the impact and success rate of the scheme among beneficiaries.

Recall that the governor had announced in January 2025 the N1billion interest-free loans to small business owners in the state and disbursement commenced in June, 2025.

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Speaking during the tour, Emmanuel Okoebor, the Edo State Commissioner for Finance, said Governor Monday Okpebholo was motivated to introduce the scheme as a result of his understanding that the real economy thrives in the markets.

Okoebor said that the scheme was deliberately designed to provide interest-free loans to business owners to reduce the burden on market women and other small-scale entrepreneurs.

According to him, the actual economy lies in our markets, shops and in the daily hustle of our hardworking traders. Many of them have been seriously affected by the high cost of accessing loans, and the government decided it was necessary to support traders and small business owners.

“Before now, some traders paid as much as five per cent monthly interest on loans. For a N200,000 loan, they paid about N10,000 monthly as interest alone. Governor Okpebholo decided to remove that burden completely,” he added.

The Commissioner explained that the initiative was aimed at strengthening the state’s SME sector and improving the economic well-being of traders and artisans.

He also explained that EdoJobs served as the implementing agency responsible for sourcing beneficiaries and coordinating with Participating Financial Institutions (PFIs) that handled the disbursement process.

However, the beneficiaries who are still basking in the euphoria of the benefits of the fund described the scheme as a business-friendly intervention that has helped traders expand their businesses.

Also speaking was Jonathan Okoye, chairman of the Igbo Market Traders Association in Edo State, who hailed the state governor for the initiative, however, he appealed for an increase in the second batch of the loan to enable more traders to benefit from the scheme.

Okoye stressed that members of the association were committed to prompt repayment to sustain the scheme.

On his part, Isah Shaibu, leader of the Arewa Community at Wire Road, Lagos Street and Iwehen, rated the scheme as unprecedented.

Shaibu posited that funds have not only improved their businesses but also increased sales because of their interest-free nature.

While commending the state government on behalf of the Arewa community in Benin, he noted that the distribution process was all-inclusive and fair.

“I have been involved in politics for over thirty years, and I have never seen a government give out loans without interest,” he added.

In their remarks in the various markets visited the beneficiaries not only gave a pat on the government’s back but noted that the scheme was a huge relief in reducing the burden of sourcing funds.

At Oba Market in Benin City, Judith Oshodin, a trader who expressed appreciation to the governor, stated that the loan had significantly improved her business.

“We are grateful to Governor Okpebholo because the loan has really helped our businesses. We are even repaying before the stipulated time, but we also appeal to the governor to consider grants in the next phase,” she added.

In the Edo Central senatorial district beneficiaries in Eguare-Ekpoma and Irrua also lauded the governor for the initiative.

Ruth Odiase, a beneficiary from Eguare-Ekpoma in Esan West explained that the intervention had renewed confidence among traders and women in the state.

“We are thanking our governor, Akpakomiza, for remembering the women. He has come to rescue traders and small business owners,” she said.

At Irrua Theophilus Orhiwabor who appealed to the government for understanding, explained that the destruction of their shops and businesses due to the ongoing road reconstruction of the Irrua Onojie Palace Road was affecting their ability to repay the loan.

“I appreciate the government for the N200,000 loan I received and invested in my business. Unfortunately, part of my caravan was destroyed during the road construction, and this affected my business and repayment plan,” he explained.

In the Edo North senatorial district, traders at the popular Jattu Market in Etsako West and Igarra Market in Akoko-Edo also expressed joy and appreciation to Governor Okpebholo for the intervention.

The trader described it as a timely intervention that has strengthened businesses and improved livelihoods across the three senatorial districts in the state.