[News] FG Reveal Plan To Give Two Million Petty Traders Loan Without Collateral

FG Reveal Plan To Give Two Million Petty Traders Loan Without Collateral

FG Reveal Plan To Give Two Million Petty Traders Loan Without Collateral

Federal Government Launches A New Loan Plan Under The Government Enterprise and Empowerment Programme

The Nigerian Federal Government has launched a new initiative under the Government Enterprise and Empowerment Programme to empower two million petty traders between now and the end of the year.

Called the Trader Moni, the initiative when commenced will further enlarge the present administration’s financial inclusion agenda for all Nigerians regardless of social class and economic status.

In a Statement by the Senior Special Assistant to the Acting President Yemi Osinbajo on Media and Publicity, Mr Laolu Akande, on Sunday, it said the scheme which was inaugurated in Lagos last week would grant a minimum of 30,000 loans in each state of the federation and the Federal Capital Territory.

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He said the two million mark was expected to be attained on or before the end of the year, with petty traders in Lagos, Kano and Abia states set to be the first round of beneficiaries to draw the collateral-free loans.

He said, “In addition to the 30,000 loans per state, states with a larger population like Lagos and Kano are expected to get more than 30,000 loans.”