The Buhari administration has set to sponsor two million petty traders through the Government enterprise and empowerment programme (GEEP) initiative between now and the end of the year.
The scheme has set a target of granting loans to minimum of 30,000 beneficiaries in each state of the federation including the Federal Capital Territory (F.C.T.) Abuja with the aim to expand the financial capacity of all Nigerians regardless of the class or status.
However, the two million target is set to be achieved before the end of the year. Petty traders in Lagos, Kano and Abia state have been set to be the first to benefit from the free collateral loans.
Although it is expected that states with higher populations are to get more than the #30,000 target amount for each states.
Trader moni is one of the Government enterprise and empowerment programme which is designed to help petty traders to expand their trade through the provision of free collateral loan of 10,000 naira.
A period of six-month has been set for the loan to be refunded. With the aid of this scheme beneficiaries can have access to higher grants ranging from 15,000 to 50,000 naira after they might have done justice by refunding the first grant of 10,000 within the given time frame.
The objective of the presidency is to use the trader moni empowerment programme to subdue the level of financial inclusion among traders and put into consideration the contribution of petty traders towards economic development.
This is brought to the knowledge of the Federal Government that most of these petty traders do not have the necessary requirements to obtain grants from commercial banks. As a result of this the administration wants to ensure that traders at this level have means of growing their business.
The trader moni which was launched last Tuesday in 5 Lagos markets has already served up to about ten thousand beneficiaries, the markets in Lagos that have been reached include the Mushin market, Ikotun, Agege, Ketu and Abule Egba Market which are among the first three targeted states, the next state in line is Abia and Kano state.
There is joy as Beneficiaries are applauding the Buhari administration for his concern for their business growth through this empowerment programme.
One of the beneficiary who sells cloth in the Lagos Market expressed her Joy “the ten thousand naira will do a lot for me and my children” she said
Also on the trend is Chief Mrs Mufiat Adewumi, a market women leader in Lagos as she said that it will help ordinary Nigerians who don’t have credit facilities to obtain loans from commercial banks.
The beneficiaries of the trader moni initiative were so gladdening as they encouraged the government to see how to improve ways to assist the masses through empowerment programmes.