Just In : FG Announces Interest-Free Loan for 1.5m Market Women
President Bola Ahmed Tinubu-led government announced on Tuesday that it will kickstart providing a non-interest loan of N50,000 to 1.5 million market women under the Government Enterprise and Empowerment Program.
Dr 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.
She stated that the N75 billion market women fund, to be named the Iyaloja Fund for underprivileged female traders, is set to be inaugurated on Oct 17.
According to the Minister, the initiative aims to boost their capital and foster business expansion.
The minister said in Abuja that the program would unfold in three phases, with the first set to benefit 500,000 individuals.
“We will start immediately with the GEEP Programme; we have Iyaloja Funds, equivalent to Market Women Money. We have the Jaga Funds, a capital fund for traders, and Farmers’ Money, the Hugo Fund. The Farmer’s Money will be provided to the poorest farmers, enabling them to go into the next farming season.
“The Iyaloja Fund will provide for poor market traders in the market, helping them improve their capital and expand their businesses. These are non-interest loans given to these persons,” she said.
