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Home Financial Literacy Small Business

GEEP provides COVID-19 palliative microloans to 87,614 traders

William Ukpe by William Ukpe
August 10, 2020
in Small Business
GEEP provides COVID-19 palliative microloans to 87,614 traders, Nigeria SME, LAPO, More than 40 SMEs in Lagos shut down due to economic crisis
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The Federal Government of Nigeria, through the Government Enterprise and Empowerment Programme (GEEP), has provided a COVID-19 palliative relief loans to about 87,614 traders across twenty states. This was disclosed earlier today through a brief press statement that was made available via the government’s official Twitter handle.

According to the disclosure, the microloans have helped to reduce extreme poverty and encouraged productivity following the easing of the lockdown. Part of the statement said:

“In line with the vision of the Nigeria Government to curb poverty and boost productivity in different parts of Nigeria, GEEP has provided palliative microloans to 87,614 petty traders hit by COVID19 pandemic in 20 states of the country in the first phase of disbursement.

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“These palliative microloans have helped petty traders revive their businesses, as the government eases lockdown measures nationwide. The second phase of the disbursement will target 412,386 petty traders across the country.”

READ ALSO: How Nike rejection birthed sportswear industry in Nigeria

In line with the vision of @NigeriaGov to curb poverty and boost productivity in different parts of Nigeria, @geep_ng has provided palliative microloans to 87,614 petty traders hit by #COVID19 pandemic in 20 states of the country in the first phase of disbursement.#GovtAtWorkNG

— Government of Nigeria (@NigeriaGov) August 10, 2020

READ MORE: Alcohol Taxes: Heineken may need to shelve plan to increase beer prices

The Federal Government also announced that the second phase of the loans would be disbursed to a 412,368 trader across the country in a bid to restart economic productivity as the government eases the economic lockdowns that have heavily affected the informal and formal sectors.

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The palliative schemes under the GEEP scheme include FarmerMoni, TraderMoni, and MarketMoni.


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Tags: Covid-19GEEPGovernment Enterprise and Empowerment Programme
William Ukpe

William Ukpe

For further inquiries about this article contact: Email: william.ukpe@nairametrics.com or outreach@nairametrics.com. Twitter: @_sirwilliam_ @nairametrics.

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Comments 2

  1. Abdullahi says:
    November 8, 2020 at 10:05 pm

    It is very good and we’ll deserve

    Reply
  2. Eunice cheme says:
    December 2, 2020 at 10:03 am

    Interested

    Reply

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