Federal government on Tuesday said over 28,000 petty traders have so far received the first level of the N10,000 Federal government loans, known as “ Trader Moni”
This is just as another 4000 Nigerian traders have been empowered under the market moni loans, where higher amounts are disbursed to traders, agropreneures and artisans
The loan is being disbursed under Government Enterprise and Empowerment Programme, GEEP, set up by the government to create financial empowerment for Co-operative societies, traders and Artisans within the country.
Federal government had set up the Market Moni loans with an initial N140billion, to be disbursed through BOI(Bank Of Industry) a financial institution saddled with the responsibility of managing the funds for on-lending.
The Trader Moni, on the other hand, is part of the Federal Government social intervention aimed at funding micro business in the country through soft loans beginning from N10, 000.
The fund was flagged off in August, 2018, by Vice President Yemi Osinbajo who also commenced its disbursements in Osun State on September 3, 2018, few months to the Osun State governorship election.
Osinbajo who had previously visited other states in the country to disburse the funds to trader, was at a market in Keffi, Nasarawa State where enthusiastic beneficiaries trooped out to receive the money from the Vice President.
Osinbajo, while speaking at the disbursements of the funds, said the moni is part of the efforts to enhance financial inclusion policy, targeted at lifting 10 million Nigerians out of poverty.
The Vice President explained the the loan has no political strings attached as beneficiaries are drawn from suitably qualified traders who are expected to pay back based on the conditions set by the BOI, which is serving as the disbursing agency.
“ This is part of President Buhari’s plans to take 10 million Nigerians out of poverty and it is open to all genuine traders” he said.
Tony Ailemen, Abuja
