Chat with us, powered by LiveChat
More News

FG EXPANDS TRADERMONI SCHEME TO THREE ADDITIONAL MARKETS IN LAGOS

…As Osinbajo, Ambode, Sanwo-Olu
Monitor Implementation

The Federal Government on Monday
launched the special enterprise and empowerment programme otherwise known as
TraderMoni in three additional markets in Lagos, with an assurance that the
scheme would be extended to two million beneficiaries by December 2018 across
the country.

The TraderMoni scheme, which is a
collateral and interest-free loan for petty traders, had earlier been launched
in some markets in Lagos, while three additional markets in the State – Ketu,
Bariga and Oshodi were added to the scheme by Vice President, Professor Yemi
Osinbajo (SAN), accompanied by Lagos State Governor, Mr Akinwunmi Ambode and
the All Progressives Congress (APC) Governorship candidate in the State, Mr
Babajide Sanwo-Olu.

The trio, while inspecting
implementation of the scheme, took time to interact with petty traders in the
markets, assuring that government would continue to come up with innovative
initiatives to benefit the critical mass of the population.  

Giving details, Senior Special
Assistant to the Vice President on Media and Publicity, Mr Laolu Akande, said
close to 800,000 petty traders had so far benefited from the scheme, adding
that the programme had been structured for traders to borrow up to N50,000 and
repay back seamlessly.

“The TraderMoni scheme is part of
the socio-investment programme of the President Muhammadu Buhari administration
and the plan is to ensure that between September and December this year, two
million petty traders receive the first payment of N10,000. Once they are able
to return it within six months, they get additional N15,000 and when they
return that, they get another N20,000 until they get as much as N50,000.

“The whole idea is that the
President wants to ensure that traders that are at the bottom of the ladder;
people whose wares and businesses are just about N3000, N5000 and so on; people
who normally don’t get any kind of financial assistance; people that the banks
do not give any kind of credit because they have no collateral are not left out
in what they are doing in our micro credit scheme.

“This was what informed the
TraderMoni Programme and today, it has gone to several states and the Vice
President is in Lagos today to see what is happening in three additional
markets. The VP is here to see what is happening and to interact with the
traders, as well as to assure all Nigerians as a matter of fact that this is
going to go round,” Akande said.

He added that at the end of the
first batch, the government would take it further to ensure that more traders
benefit from the scheme.

 “In the first batch of the
scheme, we will be doing two million traders and after that, we will even take
it further. Between now and December, we would have given to two million petty
traders. Already, we have close to 800,000 petty traders out of the two
million. We have enumerated all the two million traders and so we know who they
are and so it is a question of time,” he said.

Show More

Related Articles

Close
Close