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Edo Traders Hail Gov Okpebholo’s N1bn Interest‑Free Loan Scheme: “A Timely Intervention”
Market women in Edo North are among the first beneficiaries of Governor Monday Okpebholo’s N1 billion interest‑free loan scheme.
A quiet but powerful economic relief is spreading through the markets of Edo North. Governor Monday Okpebholo’s N1 billion interest‑free loan scheme has reached traders in Jattu, Igarra, and other communities, and the people who keep Edo’s informal economy alive are calling it exactly what it is: a timely intervention.
For years, small traders and market women have been at the mercy of informal lenders who charged up to 5 per cent monthly interest. On a N200,000 loan, that meant N10,000 going out every month just to service the debt — before a single kobo was spent on inventory, transport, or family needs. The governor’s scheme, implemented through EdoJobs in partnership with financial institutions, erases that burden entirely.
How the Scheme Works
Speaking at the rollout, Commissioner for Finance Engr. Emmanuel Okoebor put it plainly: “The real economy lives in our markets, in our shops, and in the daily hustle of our hardworking traders.” The scheme is built on three pillars:
Total fund: N1 billion ring‑fenced for small business owners.
Interest rate: Zero per cent — completely interest‑free.
Implementation: EdoJobs identifies and vets beneficiaries, while Participating Financial Institutions handle the disbursement.
The contrast with what traders were paying before is staggering. A loan that once came with a crushing monthly interest bill now comes with none of it. The full amount goes into the business, not into the pocket of a lender.
Traders Speak: “He Has Come to Rescue Us”
In Jattu Market, Etsako West, and Igarra Market, Akoko‑Edo, the mood is one of palpable relief. Beneficiaries describe the governor as someone who “has come to rescue traders and small business owners.” Freed from the monthly scramble for interest payments, they are now putting money into expanding stock, repairing stalls, and sending children to school.
Hon. Kerimu Shehu Kelly, Managing Director of EdoJobs, said the goal is to strengthen the entire SME sector and improve the economic wellbeing of traders and artisans. The scheme is designed to rotate, with recovered loans recycled to reach more beneficiaries in subsequent phases.
For the women who wake up before dawn to set up their stalls, the N1 billion fund is more than a policy — it is a bridge from survival to stability. The next disbursement phase is expected soon, and market associations across the state are watching closely.
For updates on Edo State business grants or how to apply, keep an eye on EdoJobs announcements and your local market association.
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