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Osinbajo Takes TraderMoni to Bariga, Oshodi, Ketu

Vice President Yemi Osinbajo, will on Monday in Lagos inaugurate the TraderMoni scheme at Bariga, Oshodi and Ketu markets.

Vice President Prof. Yemi Osinbajo, in Calabar for the Federal Government’s “trader moni”, with him is Gov. Ben Ayade of Cross River
Vice President Prof. Yemi Osinbajo, in Calabar for the Federal Government’s “trader moni”, with him is Gov. Ben Ayade of Cross River
Laolu Akande, the Senior Special Assistant to the President on Media and Publicity, said more than 809,000 petty traders have so far benefited from the TraderMoni initiative.

TraderMoni, which is part of the Federal Government’s Social Investment Programme (N-SIP), is designed to assist petty traders across the country expand their trade through the provision of collateral and interest-free loans ranging from ₦10,000 and above.

The loans are repayable over a period of six months.

The scheme, formally launched in 33 states and the FCT, is expected to reach about two million petty traders by the end of the year.

“While there are so far more than 809,000 beneficiaries of TraderMoni, over 1.1 million Nigerians: market women, traders, artisans, and farmers are presently beneficiaries of Government Enterprise and Empowerment Programme (GEEP).

“This comprises FarmerMoni, MarketMoni and TraderMoni.

“FarmerMoni loans start at ₦300, 000 and are for farmers in farming clusters, via farm aggregators.

“MarketMoni is a six-month interest-free credit of between ₦50,000 and ₦300,000 for small businesses: medium-scale traders, market women, artisans, and youths in market associations under the auspices of their cooperative societies.

“Under the TraderMoni scheme, beneficiaries can get access to a higher facility ranging from ₦15,000 to ₦100,000 when they repay ₦10,000 within the stipulated time period.

“The micro-credit scheme under the Government Enterprise and Empowerment Programme (GEEP), was first formally launched on Aug. 7, in five markets in Lagos State: Mushin, Ikotun, Agege, Ketu, and Abule Egba areas,’’ Akande said.

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