• Wednesday, July 24, 2024
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Market Leaders Association of Nigeria earmarks N2.22bn as soft loans to traders


Charles Obih, National President of the  Market Leaders Association of Nigeria (TMLAN), said on Tuesday in Lagos that the association has earmarked N2.22 billion as soft loans for 74, 000 traders nationwide in 2015.

Obih said that 2, 000 traders would benefit from the all inclusive traders revolving loan scheme across the 36 states and the Federal Capital Territory (FCT)

The empowerment scheme would be in partnership with the Grooming Centre, Lagos, a Non-Governmental Organisation (NGO) and a financial institution.

“The grooming centre has promised to assist our members with soft loans, to enable their businesses to expand. They promised to start with N30, 000 each for 2,000 traders from each of the 36 states in the country and Abuja,” he said.

Obih said that the objective of the loan revolves around empowerment of traders and leveraging of their contributions to the national economy.

“We know that some of our brothers, if given N10, 000 can start the pure water business and our sisters, if given N5, 000 can start frying puff-puff or bean cakes.

“It does not mean that you must get N100, 000 or N200, 000 before you start a business and add value to yourself and the society.

“You can start the groundnut business with N5,000 and God can from there bless and expand the person’s business,” he said.

The market leader also reassured traders and other stakeholders that the interest on the loan would be minimal and investment friendly.

“The purpose of the loan is to assist traders to do legitimate business; so long as you are willing to be productive, we are ready to encourage you,” Obih added.