- FG Jacks TraderMoni Beneficiaries To 5 Million
As part of its efforts to boost the nation’s trade activities, the Federal Government said it would increase the number of those to benefit from TraderMoni programme from 2.5 million to 5 million annually.
The Minister of Humanitarian Affairs, Hajiya Sadiya Farouq disclosed this on Tuesday when she visited the Command Centre of the programme at the Bank of Industry Building in Abuja.
TraderMoni, a social intervention programme under the present administration, is a loan programme created specifically for petty traders and artisans across the country. It is part of Government Enterprise and Empowerment Programme (GEEP), being executed by the Bank Of Industry (BoI). It offers interest-free loan starting from N10,000 and grows to 100,000.
Increasing the number of beneficiaries will not only help traders in expanding their businesses but also reduce the poverty rate in the country.
According to the statistics from the Command Centre on Tuesday, about N19.6 billion had been disbursed to about 1.95 million Nigerians under the programme.
Farouq said: “So far, we have been able to capture about 2.5 million people since the programme started and our ambition now is to scale it up to five million people annually.”