Over 2.3m Small Businesses Received Interest-Free Loans Under GEEP, Says FG

The Federal Government has said over 2.3 million Micro, Small and Medium Enterprises have benefited from interest-free loans under the Government Enterprise and Empowerment Programme (GEEP).

The initiative launched under the National Social Investment Programme alongside other programs like the N-Power Programme, National Home Grown School Feeding Programme and Conditional Cash Transfer Programme was established to alleviate poverty and empower MSMEs.

Sadiya Umar-Farouq, the Minister of Humanitarian Affairs, Disaster Management and Social Development, said the GEEP was introduced to credit challenges and improve financial inclusion of over 37 million Nigerians at the bottom of the economic pyramid.

Speaking during the one-year anniversary of her ministry in Abuja, the minister explained that beneficiaries were people in active commercial activities but never had access to loans.

According to her GEEP offers loans between N10,000 and N300,000 to qualified artisans, enterprising youths, agricultural workers and other micro-service providers under its TraderMoni, MarketMoni and FarmerMoni programmes.

“Since its inception in 2016 to date, GEEP has empowered over 2.3 million such micro-enterprises with interest-free loans to grow their businesses,” Umar-Farouq said.

She further stated that around 109,823 beneficiaries from Batches A and B of the N-Power scheme had set up businesses in their various communities.

“We are gratified to note that through N-Power we have achieved a net lowering of the youth unemployment figures despite population growth,” she said.