By Ozioruva Aliu

BENIN CITY – BENEFICIARIES of the N1 billion interest-free loan scheme by the Edo state government which includes traders, farmers and artisans have hailed the Governor Monday Okpebholo for what they described as a life-changing economic intervention.

They said the scheme has boosted their businesses mostly small and medium-scale and improved their livelihoods.

This was revealed during the monitoring tour across the state by officials of the Edo State Skills Development Agency (ESSDA), alongside participating financial institutions responsible for disbursing the loans,.

Chairman of the Igbo Market Traders Association in Edo State, Comrade Jonathan Okoye, praised the governor for what he described as a business-friendly intervention that has helped traders expand their businesses.

He appealed for an increase in the second batch to enable more traders benefit from the scheme as he promised prompt repayment by members to sustain the initiative.

At Oba Market in Benin City, a trader, Judith Oshodin expressed appreciation to the governor, saying 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 said.

Beneficiaries within the Arewa community in Benin City also commended the governor for ensuring inclusiveness and fairness in the distribution process.

Leader of the Arewa Community at Wire Road, Lagos Street and Iwehen, Isah Shaibu, described the scheme as unprecedented.

In Edo Central, beneficiaries in Eguare-Ekpoma and Irrua also praised the governor for the initiative.

One of them, Ruth Odiase from Eguare-Ekpoma in Esan West, said 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.

In Edo North, traders at the popular Jattu Market in Etsako West and Igarra Market in Akoko-Edo also expressed joy and appreciation to Governor Okpebholo for what they described as a timely intervention that has strengthened businesses and improved livelihoods across the region.

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

“The actual economy lives 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,” he said.

According to him, the government deliberately designed the loans to be interest-free in order to reduce the burden on market women and other small-scale entrepreneurs.

“Before now, some traders paid as much as five percent 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,” Okoebor added.

The Managing Director and Chief Executive Officer of EdoJobs, Hon. Kerimu Shehu Kelly, said the initiative was aimed at strengthening the state’s SME sector and improving the economic wellbeing of traders and artisans.

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