Osinbajo in a Market in Nigeria

The federal government of Nigeria is celebrating the successful disbursement of N15 billion to over 1.5 million petty traders in Nigeria under her TradeMoni free interest loans scheme.

The TradeMoni is a N10,000 free collateral and interest loan scheme for petty traders under the Government Enterprise and Empowerment Programme GEEP which is one of the Social Investment Programmes SIP of the Buhari All Progressive Congress APC government.

One of the facilitators and marketers of the trade loan the Vice –President Yemi Osinbajo has in many fora advocate the advantages and benefits of the loan to the rural and petty trader stressing that it has become a life-changing facility in the hands of numerous poor traders in Nigeria.

Osinbajo re-iterated the benefits of the loan scheme during its launching at the Apata market in Ilorin, capital of Kwara State. He revealed that the interest-free loans are meant to empower ordinary Nigerians and enable them to escape from poverty.

According to Osinbajo, TradeMoni is a very important aspect of our economic policy. We believe that it is one of the ways to counter poverty and to enable those who work the hardest. These are the petty traders; to enable them to do better we have to give them credit.

“Nobody else will give microcredit to the traders because nobody is sure whether they will be able to pay or not. Only the government can do such. That’s why we have decided that we must give microcredit to the petty traders.

“It is important for us to do so and for now we are giving micro-credits to 2 million petty traders. We intend to increase that as we go along. Now we give them N10, 000 when they pay back we give them N15, 000 and when they pay back also we give them N20, 000.

Osinbajo further explains that the petty traders in TraderMoni if they show commitment and dedication in their business in paying back the loans can graduate to Market Moni where they can access loans from N50, 000 to N350, 000 or more.

He dispels the notion that the programme is not sustainable and is designed for political reasons. “I believe that there is enough money to be able to take care of the scheme and the meet the needs of the people. We don’t steal public resources, therefore, they will be enough money for the scheme.

The Vice-President further revealed that both the Trader Moni and the Market Moni are a legal entity having been enacted by the National Assembly, therefore, the scheme has come to stay. Notwithstanding the fact the scheme is quite popular in 2018 a year before the election, the actual implementation started in 2016.