The Edo State Government has announced the launch of a ₦1 billion support fund targeted at empowering market women and improving access to credit for small-scale traders across the state.
The initiative forms part of the administration’s broader plan to expand financial inclusion, boost grassroots commerce, and reduce poverty among women in the informal sector.
According to the state authorities, the new funding framework is structured as a soft-loan scheme, offering flexible repayment terms and minimal collateral requirements.
The programme is designed to help thousands of market women strengthen working capital, restock goods, and invest in small-scale value-addition activities.
Governor Godwin Obaseki, in unveiling the initiative, said the intervention reflects the government’s ongoing efforts to build a sustainable and inclusive economy driven by local enterprise.
He noted that women remain central to retail trade and food distribution across Edo State and must be given the financial tools to expand their businesses.
The government stated that the fund would be managed through micro-credit institutions in partnership with cooperative groups and trade associations to ensure equitable access.
Priority will be given to registered market women’s cooperatives that demonstrate transparency and credible repayment plans.
Officials explained that the fund will support existing traders while also encouraging new entrants into small-scale trade and food-processing ventures.
The scheme aims to create multiplier effects by stimulating household income growth, job creation, and tax revenue at the community level.
Economic analysts have welcomed the move, describing it as a pragmatic step toward formalising parts of Edo’s informal economy. They noted that access to affordable credit remains a major obstacle for women entrepreneurs, who often rely on high-interest private lenders or rotating savings groups to fund their activities.
Stakeholders have also urged the government to accompany the credit scheme with capacity-building programmes on business management, savings discipline, and cooperative governance. Such training, they argue, would help recipients utilise the loans effectively and sustain their businesses beyond the funding cycle.
The administration emphasised that transparency mechanisms are being built into the programme to prevent political interference or misallocation.
Disbursements will be monitored through a digital tracking system linking beneficiaries, partner institutions, and supervisory agencies.
The state government expects the ₦1 billion initiative to serve as a pilot for larger credit interventions that could be scaled up with private-sector and development-finance collaboration.
It also plans to expand access to financial services in rural markets through mobile-money platforms and cooperative banking networks.
The new programme aligns with Edo’s economic development strategy focused on women empowerment, local production, and market modernisation. Officials say the fund will help traders recover from recent inflationary pressures and reposition small businesses as engines of inclusive growth.
Observers believe that if effectively implemented, the soft-loan scheme could strengthen Edo’s informal-sector resilience and establish a model for other states seeking to drive gender-inclusive economic expansion across Nigeria.