Vice President, Yemi Osinbajo has launched the “Trader Moni” Scheme at the Utako market, Abuja.
TraderMoni is a Nigerian government’s initiative aimed at providing two million petty traders across the country with collateral-free loans before the end of the year.
It is part of the Government Enterprise and Empowerment Scheme, a component of the Social Investment Programme of the President Muhammadu Buhari administration.
‘Stall to stall’
Traders at the market cheered as the vice president went from stall to stall having one on one conversation with the sellers.
Addressing the crowd, Osinbajo, who spoke partly in ‘pidgin’ English, said that with TraderMoni, petty traders would be empowered.
“We give N10,000; if you pay back in six months, then you get N15,000; if you pay back, then you get N20,000.
“We want to encourage petty traders so that they will have enough money to do their businesses; we have done one before for the bigger traders that is one is Government Enterprise and Empowerment Programme(GEEP), N100,000 to 120,000.
“If you do well with the N10,000, N15,000, N20,000, then we can increase it; everyone can benefit from this; the president himself has said he wants to make sure that those who are selling in the market, like pepper, sugarcane, tomato get the money.
“So, when you are given the money, we urge you to make sure you pay back; there is no interest; you just take it and you pay back in six months; I want everyone to register so they can be given the money,” he said.
TraderMoni, which had Lagos, Abia and Kano as its pilot States, would be inaugurated across the country.
The vice president was accompanied to the market by the Minister of State for Industry, Trade and Investment, Aisha Abubakar and the Minister of State for Budget and National Planning, Zainab Ahmed.