Tinubu Announces Plan To Share N75bn Interest-Free Loan to 1.5m Market Women

Tinubu Announces Plan To Share N75bn Interest-Free Loan to 1.5m Market Women

  • The federal government has announced plans to share N75 billion interest-free loan to market women
  • The programme, set to be inaugurated on Oct 17, 2023, is aimed at empowering 1.5 million across the country
  • Government hopes to use the loan to boost women access to capital and foster business expansion.

President Bola Tinubu-led government will advance a non-interest loan of N50,000 each to 1.5 million market women under the Government Enterprise and Empowerment Program.

Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, disclosed this during a courtesy visit to the Minister of Information and National Orientation, Mohammed Idris, Punch reports.

Iyaola funds
Betta Edu announced the N75 billion funds for market women Photo credit: Presidency
Source: Facebook

According to her, the initiative, which will cost a total of N75 billion, will help women improve their capital and expand their businesses.

More details about the women fund

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Betta also revealed that the market women fund would be named the Iyaloja Fund for underprivileged female traders.

The minister also that the program would unfold in three phases, with the first set to benefit 500,000 individuals.

She said:

"We are commencing the GEEP Programme right away, which includes funds such as the Iyaloja Funds, designed akin to the Market Women Money initiative.
"Additionally, there are the Jaga Funds, serving as a capital source for traders, and the Hugo Fund, known as Farmers' Money. The Farmers' Money will be allocated to the most financially disadvantaged farmers, facilitating their participation in the upcoming farming season.
"The Iyaloja Fund, on the other hand, is intended to support underprivileged market traders by enhancing their capital and facilitating business growth. These loans are provided without any interest to these individuals."

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"Renewed hope": FG to re-introduce 'Tradermoni' scheme earmarks N50k each for beneficiaries

Full List: The top 10 Nigerian startups selected by Google to get N3 billion funding

Legit.ng earlier revealed about 10 Nigerian startups were selected among the 40 tech firms listed for the $4 million Black Founders Fund by Google.

Drawn from Europe and Africa, with 25 startups coming from Africa for this year’s cohort, Nigerian startups dominated the list.

The Black Founders Fund is sponsored by tech giant Google for Startups and is said to be in its third year.

Source: Legit.ng

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Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.