FG To Increase Loans To Artisans – Osinbajo
Vice-President Yemi Osinbajo has said that the Federal Government will extend its different loan projects to more low and middle entrepreneurs in the country.
He said this during a town hall meeting in Bariga/Somolu, Lagos State to felicitate on the Eid-el-Kabir celebrations.
He said, “The other thing we have done is Government Enterprise and Empowerment Programme, a micro-credit scheme for market women and others. We are doing one now for petty traders that is called TraderMoni.
“We have done it in Lagos we are going to do at least 100,000 in Lagos and two million across the country. The traders here in Bariga must benefit from it. We also have the one for people far bigger than that which is called GEEP.
“I want to emphasise that everything we are doing, our focus, first of all, is to ensure that people are taken out of poverty. Our country is very big; over 200 million people, with many young people coming out every day. Aside from that, we also want to ensure that anybody who is doing anything at all, who is trading, artisans, mechanics; we are able to support them.”
He said because majority of the workers were at a very low level, doing little things, the government must first of all focus on them, so that the poorest would be able to do better.
Recently in Lagos, the Federal Government disclosed that the Bank of Industry, disbursed MarketMoni loans to 31,594 microenterprises in Lagos State.
“The GEEP scheme includes loans in different categories called TraderMoni, MarketMoni, and FarmerMoni. In December 2016, disbursement commenced across the country, and as at today, there are over 350,000 beneficiaries across all 36 states of the nation including the FCT,” a statement said.
It added that the project was executed by the BOI, and it directly impacts traders, market women, artisans, and farmers.
According to the statement, criteria for selection include a valid Bank Verification Number, membership of a registered cooperative or market association and a mobile phone adding that it requires no collateral and it is interest-free.
“GEEP MarketMoni loans are repayable in six months with two weeks grace period,” the statement said.