Beneficiaries of the federal government’s N10,000 interest-free loans, otherwise known as TraderMoni in Lagos are excites about the loans, saying they have plans to invest in small scale businesses.
The traders who spoke to LEADERSHIP at Obalende, Makoko (Asejire) and Oyingbo markets in Lagos, on Wednesday when the TraderMoni team led by the Vice President, Yemi Osinbajo visited to launch the scheme.
Mrs. Mercy Emmanuel, a fruit seller in Obalende said it has always being her desires for many years to add groundnut to the list of her businesses but has been hampered by the paucity of funds. She however said with the TraderMoni loans, her desire has become realistic.
“As you know, selling of fruits is seasonal which is unlike groundnuts which sell at every season. There are months I needed to stay at home doing nothing because there were no fruits to sell, but now as I am collecting the loan, I will be investing it in groundnuts business. I am happy with the TraderMoni,” Emmanuel said.
Similarly, Mrs. Ayo Adegoke who sells peppers and tomatoes at Asejire market said aside taking a part of the loans re-stock with more peppers and tomatoes, she is will also be adding onions and coconuts as new area trades.
She said she is desirous of making more profits and she is ready to benefit from more loans.
At Oyingbo, Bisola Ayobami, a plantain chip seller in Oyingbo market said in the next few days, she would be adding the sale of soft drinks to her petty trade.
She said the N10, 000 is coming at the right time for her and she is going to make judicious use of it.
The executive director of Bank of Industry (BoI), Mrs. Toyin Adeniji said under the TraderMoni scheme, beneficiaries can get access to a higher facility ranging from N15, 000 to N100, 000 when they repay N10, 000 within the stipulated time period.