…Traders, Farmers, Artisans Record Business Growth
Beneficiaries of the N1 billion interest-free loan scheme, including traders, farmers and artisans across Edo State, have continued to hail Governor Monday Okpebholo for what they described as a life-changing economic intervention that has boosted small and medium-scale businesses and improved livelihoods across the state.
This was revealed during the monitoring tour across the state embarked upon by officials of the Edo State Skills Development Agency (ESSDA), alongside participating financial institutions responsible for disbursing the loans, aimed to assess the impact and success rate of the scheme among beneficiaries.
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 of the loan to enable more traders benefit from the scheme, adding that members of the association were committed to prompt repayment to sustain the initiative.
At Oba Market in Benin City, 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.
“The money has improved our businesses and increased sales because it came without interest. I have been involved in politics for over thirty years, and I have never seen a government give out loans without interest,” he said.
In Edo Central, beneficiaries in Eguare-Ekpoma and Irrua also praised the governor for the initiative.
One of the beneficiaries, 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.
However, some traders in Irrua appealed to the government for understanding over delays in repayment, blaming the destruction of shops and business disruptions caused by ongoing road reconstruction around the Irrua Onojie Palace Road.
One of the affected traders, Theophilus Orhiwabor, said part of his business structure was demolished during the road project, affecting his 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 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.
“EDOJOB has put all modalities in place for sourcing beneficiaries. We forward verified beneficiaries to the PFIs for profiling, while the committee oversees the administration of the loan scheme,” he stated.
Markets visited in Edo South Senatorial District during the monitoring tour included Agbado Market, Ogiso New Market, Santana Market, Aduwawa Market, Edaiken Market, Air Force Mammy Market, as well as the Arewa communities at Wire Road, Lagos Street and Iwehen in Benin City.
In Edo Central Senatorial District, the team visited Eguare-Ekpoma, Irrua and other markets within Esan Central and Esan West Local Government Areas, while in Edo North, Jattu Market in Etsako West and Igarra Market in Akoko-Edo were also visited.
