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FG raises TraderMoni loan portfolio by 400%

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FG raises TraderMoni loan portfolio by 400%
Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq

The federal government has jacked up the loan portfolio of TraderMoni to N50,000 representing a 400 per cent increment.

The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq disclosed this during the flagging off of the restructured GEEP 2.0 (Government Enterprise Empowerment Programme) in Abuja.

The portfolio, which is for marginalized youth previously used to be N10,000. The FarmerMoni was also increased to N300,000 respectively.

Farouq said the upgrading was aimed at empowering traders, scaling up agroprenuership and ensuring food security.

Aside from the reviewed loan, the beneficiaries will be provided with a value chain and creation of digital marketplace (E-platform) to enable them to sell their products.

The minister said a digital integration and coordination platform along with strong and centralized monitoring and evaluation system aimed at enhancing loans recovery has also been put in place.

She said GEEP 2.0 is structured to effectively deliver soft loans and skills to a wide range of unbanked and unemployed citizens.

These include persons living with disabilities, marginalised women and unemployed youth among other vulnerable groups in the society.

The GEEP 2.0 is one of the poverty reduction intervention clusters under the National Social Investment Programme (NSIP) approved by the federal government in 2016 and in 2019 to lift 100 million Nigerians out of poverty in 2030.

Farouq said TraderMoni will target empowerment and uplift under-privileged and vulnerable youth like scavengers, market wheelbarrow boys, orphans and youth with special needs.

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