Skip to main content

FG launches TradeMoni as 30,000 petty traders in each state set to benefit from collateral free loans between Aug-Dec


OREDOLA ADEOLA |

The Federal Government has launched TRADERMONI, being a new initiative under the Government Enterprise and Empowerment Programme (GEEP), which the administration is proposing to empower two million petty traders between August to December 2018.



The credit scheme according to the government aims at extending financial inclusion down to the grassroots, the bottom of the ladder, considering the contribution of petty traders to economic development.

The scheme, which was launched  last week Tuesday, in Lagos, would grant a minimum of 30,000 loans in each State of the federation and the Federal Capital Territory. It has kicked off with tens of thousands beneficiaries already in some selected market in Lagos State, including Mushin, Ikotun, Agege, Ketu, and Abule Egba markets.

This newspaper however gathered that the two million mark for the project is expected to be attained on or before the end of this year, with petty traders in Lagos, Kano and Abia States set to be the first round of beneficiaries to draw the collateral free loans.

In a statement further released by Mr. Laolu Akande, Special Assistant to the Acting President on Media & Publicity, disclosed that in addition to the 30,000 loans per State, States with larger populations like Lagos and Kano are expected to get more than 30,000 loans. Across the country, especially in the pilot states, about 500,000 potential beneficiaries have so far been enumerated.

The statement said , “ In order to identify the beneficiaries, no less than 4,000 enumeration agents have been engaged by the Bank of Industry which is deploying the new scheme.

Akande revealed that TraderMoni was designed to help petty traders expand their trade through the provision of collateral free loans of N10,000. The loans are repayable within a period of six months.
Under the scheme, according to him,  beneficiaries can get access to a higher facility ranging from N15,000 to N50,000 when they repay N10,000 within the stipulated time period.

He added that the Federal Government is also aware of the fact that many of the petty traders don’t have what the commercial banks require to grant them loans.

He said, “ This administration is keen to ensure that such traders at that level are able to build their businesses and grow.

One of the beneficiaries  of the pilot scheme in one of the Lagos markets, Anna Enwerem, thanked President Buhari for the initiatives. She said, "I sell clothes. This N10,000 would do a lot for me and my children. I like this programme so much. I will pay the loan before six months’ time. Before I didn’t believe it, but now that I have received my money I believe.

Chief Mrs Mufiat Adewumi, a market women leader in Lagos, said it will help ordinary Nigerians who cannot have access to commercial banks’ credit facilities because they don’t have collateral,

She said, “We are happy about the TraderMoni because this is what we have been expecting for long, that the Government should assist the masses, especially the traders. We thank the Federal Government so much.”

Comments

Post a Comment

Popular posts from this blog

MMA is a disgrace to Nigeria, the designer is a traitor – Tunde Alabi-Hundeyin writes VP Osinbajo

Oredola Adeola|  Movie and Documentary producer, Tunde Alabi-Hundeyin Dudu, has exposed the level of rot at the Muritala Muhammed Airport, Lagos in an open letter written to Professor Yemi Osinbajo, Vice President. In the letter, the Documentary photographer, disclosed that the arrival system in Muritala Muhammed airport is a disgrace to Nigeria. He particularly noted that Nigeria has no aviation Minister, adding that whosoever designed the arrival system in MMA is a traitor. Tunde Alabi-Hundeyin He said, “Sir I’m directing my comments to you because I’m aware you toured that airport before the elections. They showed you the glittering lounges . However when you arrive in Nigeria or you go to receive someone arriving, it’s a horror story. It’s a total disgrace. Let me explain. “I had cause to go and welcome someone coming in from the US. We parked in the designated car park. Then the obstacles started. The path you have to trek to get to the front of the arrival hal...
1 comment
Read more

2019 Hajj: Six Nigerian pilgrims die in Saudi Arabia

A middle aged woman, pilgrim from Lagos State, slumped and died in the early hours of Sunday morning in Mecca during the devil stoning ritual at Jamarat Aqaba, outside Mina, thereby bringing the number of Nigerian pilgrims that have died in this year’s Hajj in Saudi Arabia to six(6). The National Hajj Commission of Nigeria confirmed the death of the Nigerian pilgrims in Saudi Arabia . Dr Ibrahim Kana , Chairman, National Medical Team, released the figure in Madinah from the commission ’s National Medical Team Electronic Health Medical Records. The Commission had earlier said, “ So far , Nigeria has lost six pilgrims including four females and two males ; out of which one died in Madina while the remaining four died in the city of Makkah. “ They all died of various illnesses including heart and lung diseases. “ Records shows that so far in both Makkah and Madina , we have made 10,485 diagnoses with Makkah accounting for over 60 per cent. “ Additionally , 108 referrals wer...
Post a Comment
Read more

Ajaokuta Steel plant up for sale again!

Oredola Adeola| The Federal Government through its ongoing privatisation programme has put Ajaokuta Steel Company up for sale. This was confirmed by Godwin Emefiele, Central Bank of Nigeria, Governor while briefing the Nigerian delegation at the end of the International Monetary Fund/ World Bank Group meetings in Bali, Indonesia on Sunday. The CBN Governor disclosed that the privatisation programme is coordinated by the National Council on Privatisation, while the Bureau of Public Enterprise (BPE) will be conducting a total review of the process of privatisation and payment for the steel industry to pave way for investors. He further stated that some of the country’s assets have been up for sale, under the ongoing privatisation programme, with the aim of raising more funds to finance the 2018 deficit-based budget.  Recall that work commenced on the steel plant in 1979 and over $10 billion is estimated to have been spent on it so far. A recent audit report revealed that...
1 comment
Read more