The Federal Government has extended its no-interest loans to three more markets in Nigeria’s commercial capital, Lagos.
Vice President Yemi Osinbajo, and Lagos State Governor Akinwumi Ambode, among others, were at the Bariga, Oshodi and Ketu markets to launch the scheme on Monday.
Speaking about the Trader Moni scheme, Laolu Akande, a media aide to Osinbajo, said “The TraderMoni scheme is part of the socio-investment programme of the President Muhammadu Buhari administration and the plan is to ensure that between September and December this year, two million petty traders receive the first payment of N10,000.
“Once they are able to return it within six months, they get additional N15,000 and when they return that, they get another N20,000 until they get as much as N50,000.
“The whole idea is that the President wants to ensure that traders that are at the bottom of the ladder; people whose wares and businesses are just about N3000, N5000 and so on; people who normally don’t get any kind of financial assistance; people that the banks do not give any kind of credit because they have no collateral are not left out in what they are doing in our micro-credit scheme.”
He added that “This was what informed the TraderMoni Programme and today, it has gone to several states and the Vice President is in Lagos today to see what is happening in three additional markets.
“The VP is here to see what is happening and to interact with the traders, as well as to assure all Nigerians as a matter of fact that this is going to go round.”