The federal government has launched the special enterprise and empowerment programme otherwise known as TraderMoni in six additional markets in Lagos.
The federal government assured that the scheme would be extended to two million beneficiaries by December 2018 across the country.
The TraderMoni scheme, which is a collateral and interest-free loan for petty traders, had earlier been launched in Ketu, Bariga and Oshodi market. The new additional six market are Ikotun, Igando, Ile Epo, Obalende, Makoko and Oyingbo market.
The scheme was launched in partnership with the Bank of Industry (BoI) in order to enlarge government’s financial inclusion agenda down to the grassroots, the bottom of the ladder, considering the contribution of petty traders to the economic development of any nation. It is a federal government empowerment scheme to help alleviate poverty in Nigeria by empowering traders and artisans.
The scheme in Lagos State kicked off with tens of thousands beneficiaries already in the selected market and the scheme will also be launched in Alaba Rago, Vegetable Market on Lagos Mainland.
Speaking on the impact of the TraderMoni scheme, the Vice President, Yemi Osinbajo said the scheme is to empower petty traders, saying the federal government is willing to do more should Nigerians leverage on the initiative to boost the economy.
Rasheed Oseni, owner of Edible Oil Excellence in Ile Epo market, stated that the market people are coming out in mass to apply for the loan and so far the process has been fair and transparent.
According to him, this fund will help in growing our businesses by having access to loan irrespective of our status or level of education.
He added that it will help marketers to buy goods, saying that when the marketers pay back the loan, it will be increased.
He commended the government for the initiatives towards the market traders, calling for more initiatives that will help alleviate poverty in the country.
One of the beneficiaries of the pilot scheme in one of the Lagos markets, Anna Enwerem, thanked President Muhammadu Buhari for the initiatives.
She said, “I sell clothes. This N10, 000 would do a lot for me and my children. I like this programme so much. I will pay the loan before six months’ time. Before I didn’t believe it, but now that I have received my money I believe.”