FG Gives N15bn As Loans To Traders, Farmers Nationwide

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Trader Moni is an initiative to empower small traders. Image: Twitter / Laolu Akande

The federal government issued loans around N15.183bn across the country through the TraderMoni scheme, said vice president Yemi Osinbajo.

Osinbajo noted this on Monday in Abuja during the 9th Presidential Quarterly Business Forum, held in the old Banquet Hall of the Presidential Villa.

According to him, the loans were transferred to 300,000 beneficiaries, including artisans, traders and farmers.

He testified that each of the beneficiaries was provided between N50,000 and N350,000 under the scheme.

“A total of N15.183bn in interest-free loans from N50,000 to N350,000 were provided to more than 300,000 women, merchants, artisans and farmers in the market in all 36 states of the country and the FCT. By the way, 56 percent of loans went to women, ”he said.

“We were of the opinion that since the largest number of small businesses in Nigeria are women, men and small traders in the market, we need to expand the opportunities in these categories.”

In addition, he said that "If we spend the N1tn to rescue the poor in this country every year, we will be of great importance."

He added that “by giving them the opportunity to replenish and increase their reserves, we give them a stronger chance to earn more, while they also serve the value chain they are part of.

“But more importantly, we bring them to the formal sector, where they have access to public and private loans, and we are constantly taking more people out of poverty.

“An important feature of the program is financial inclusion. The GEPB opened 349,000 new bank accounts / wallets for beneficiaries and intended beneficiaries. ”

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