Business
Nigerian govt disburses interest-free loans to 31,594 microenterprises
The Federal Government, through the Bank of Industry (BOI), has disbursed MarketMoni loans to 31,594 microenterprises in Lagos State
MarketMoni loans are zero-interest loans available under the Government Enterprise and Empowerment Programme (GEEP), one of the National Social Investment Programmes (NSIP) of the Federal Government.
The development was contained in a statement released on Thursday by the Executive Director, Financial Inclusion of BOI, Toyin Adeniji.
According to the statement, the interest-free loans do not require any collateral and are repayable within six months with a grace period of two weeks.
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On Tuesday, a section of MarketMoni beneficiaries in Lagos and key stakeholders in charge of the scheme had converged at the Teslim Balogun Stadium, Surulere, for the Lagos State Micro, Small, and Medium Scale Enterprises (MSME) Clinic organised by the Federal Government to support the MSMEs.
At the event, Acting President, Yemi Osinbajo, who was represented by the Minister of State for Trade and Investment, Aisha Abubakar, and the Special Adviser to the Vice President on MSMEs, Tola Johnson, had expressed delight over the progress of micro businesses in the state.
According to the minister, the government was committed to ensuring that challenges facing MSMEs in the country were addressed by easing policies undermining their growth.
“The GEEP scheme includes loans in different categories called TraderMoni, MarketMoni, and FarmerMoni. In December 2016, disbursement commenced across the country, and as of today, there are over 350,000 beneficiaries across all 36 states of the nation including the FCT,” the statement said.
The Acting President had on Wednesday stated that the Federal Government was working towards providing MSMEs a credit facility of N2 million to N10 million without collateral, adding that the effort was to ensure that MSMEs find an enabling environment to thrive in the country.
Last year, Osinbajo launched the MSME Clinic as part of government’s bid to encourage the contributions of MSMEs to the growth of the nation’s economy.
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