FG Earmarks N400m To Empower 4,000 Traders In Plateau
The Federal Government is to spend about N400m on 4,000 small-scale entrepreneurs in Plateau State as part of its TraderMoni empowerment initiative.
The gesture, according to its promoters, has been concretised between the Bank of Industry and the GDM Group, and is part of government’s efforts to curb unemployment and assist individuals who have businesses but cannot grow due to lack of finance.
The money will be paid to the beneficiaries through an economic platform called Eyowo.
The Supervisor, GDM Group, Basil Atondo, said that through the programme, the Federal Government would be empowering two million people nationwide.
He stated, “As a matter of fact, the Federal Government wants to register and empower as much as two million people nationwide. However, here in Plateau State, we have registered about 4,000 people on this scheme. The target is 100,000. If you pay simultaneously as instructed, at the end of the day, you will have N100,000 to do your business. If you multiply N100,000 by the 4,000 target, you will get the amount, which is N400m.
“We want to see to it that we reach 4,000 people in Plateau State, who, after the period of one year, can boast that the Federal Government gave them N100,000 each to boost their business. That is what we want to achieve in Plateau State.”
Atondo added, “The Federal Government wants to meet upcoming traders to assist them with loans from the Bank of Industry that will help them boost their businesses. When you are registered, the Federal Government gives you N10,000 through the BoI of which you are to pay back after six months with an interest rate of 0.25 per cent. That will be N250 in addition to the N10,000 that you are initially given. By the time you pay this money, the BoI will give you another loan of N15,000.
“At this time, you are still going to get the same 0.25 per cent interest rate. It does this till it reaches N100,000. When it reaches N100,000, you pay back the money and you will be qualified for what is called Market Money, another scheme that is coming through, which the Federal Government wants to give out to traders to help boost their businesses.”
One of the beneficiaries, who is a Jos-based petty trader, Mrs Nkiru Success, said, “When the promoters of the scheme came to me, they asked me if I was interested in the business loan, and I said yes. They registered me by taking my name and the amount they were going to give me at the end.
“They said I would see the message on my phone. At last, I was able to see the text message.”
