No fewer than 30,000 petty traders in Niger State, have gotten N3 million loan disbursement from the Federal Government and Bank of Industry (BoI). The loan disbursement was under the Federal Government’s TraderMoni scheme.
The loan disbursement was disclosed by Adenle Adedotun, the programme Supervisor.
Nairametrics had reported that the incumbent administration has so far provided interest-free loans totalling N15.183 billion.
Vice President Yemi Osinbajo said over 300,000 persons across Nigeria, have since benefited from the interest-free loans. Under the interest-free loans scheme; Osinbajo maintained that beneficiaries got between N50,000 and N350,000.
Recall that Osinbajo had taken the TraderMoni scheme to Utako market in Abuja. Excited traders cheered and hailed as the Vice President went from stall to stall, having one-on-one conversations with the sellers within the market.
The scheme, according to Osinbajo, is to empower petty traders, saying the Federal Government is willing to do more should Nigerians leverage on the initiative to boost the economy.
What Trader Moni initiative is all about
TraderMoni is meant to help very small scale traders to easily get loans without collateral in Nigeria for the purpose of expanding their small businesses. It avails artisans, street hawkers, and petty traders to have access to loan facilities from N10,000.
The initiative was launched under the Government Enterprise and Empowerment Programme (GEEP) in partnership with the Bank of Industry (BoI).
Unlike the existing GEEP Market Moni loan scheme, which targets market women, traders, artisans, and enterprising youths, TraderMoni is a micro-credit scheme to cater for ultra-micro enterprises.
The initiative which has started nationwide is bid to support 2 million Nigerians to grow their businesses by having access to loan irrespective of their status or level of education.
Since its launch, the initiative has covered Osun, Kano, Abia and Akwa Ibom States, Abuja, etc.